COLUMBUS, Ohio, Nov. 26, 2013 /PRNewswire/ -- Housing Authority Risk Retention Group, Inc. has been awarded a 2013 Stakeholder Team Accomplishment Recognition™ (STAR) award from Demotech, Inc. for its operating results in 2012, as verified in its June 30, 2013 statutory quarterly statement. A total of 2,736 Property and Casualty carriers were reviewed, with only 44, or 1.6 percent, meeting each of Demotech's objective criteria. Housing Authority Risk Retention Group, Inc. was one of only seven risk retention groups to earn a 2013 STAR award.
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Demotech developed Stakeholder Team Accomplishment Recognition™ to identify and recognize insurers that were able to satisfy all stakeholders, not just a single segment of interested parties. To earn a 2013 STAR Award, Housing Authority Risk Retention Group, Inc. had to demonstrate that:
- employees and producers benefited from a combined compensation level above the median within the Company's Classification System category
- claimants benefited as measured by an accident year 2012 loss and loss adjustment expense ratio above the median within the Company's Classification System category
- regulators and consumers benefited from a strong balance sheet and relative financial stability
- reinsurers benefited due to the relative stability between the Company's net and ceded loss and loss adjustment expense ratios
- overall profitability was in the top third of its Company Classification System category based upon return on net admitted assets
- June 30, 2013 operating results confirmed that the reported year-end 2012 results were realistic and reasonable, particularly as to the verification of our loss and loss adjustment expense reserve criterion.
About Housing Authority Risk Retention Group, Inc.
Housing Authority Risk Retention Group, Inc. (HARRG) provides liability insurance to public housing authorities. Available coverage's include general liability, public officials' errors and omissions, employment practices, law enforcement, lead-based paint, employee benefit, auto, hired and non-owned auto, mold, and terrorism. HARRG is owned by the members it insures. HARRG is a nonprofit, tax-exempt captive mutual risk retention group, operating under the Federal Risk Retention Act, licensed and domiciled in Vermont. HARRG was incorporated in Vermont on March 20, 1987 and began operation on June 1, 1987.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer, regardless of financial size. Visit www.demotech.com for more information.
SOURCE Demotech, Inc.
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