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OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- to Hospitals Insurance Company, Inc. (HIC) (New York, NY). The outlook assigned to the Credit Ratings (ratings) is stable. The ratings reflect HICs balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The balance sheet strength assessment reflects the companys risk-adjusted capitalization at the strongest level, as measured by Bests Capital Adequacy Ratio (BCAR), which benefits from modest underwriting leverage, prudent reserving practices and a conservative investment portfolio. The company has a history of organic surplus growth and good quality of capital with no debt or surplus notes. HIC reported pre-tax operating income in each of the prior five years. Five-year average operating ratios and return metrics are better than the medical professional liability (MPL) peer group composite. AM Best expects these metrics to be more in line with or slightly outperform the peer group composite in the future. HIC specializes in providing MPL insurance to hospitals and physicians affiliated with its insured hospitals in New York. Along with its sister company, Healthcare Risk Advisors (HRA), the combined entities offer an integrated approach to claims handling, risk management and data analytics that can provide a broad set of risk finance and risk transfer solutions to clients. While HIC has elevated product and geographic concentration risks as a single-state, primarily monoline insurer, this is mitigated partially by managements significant depth of experience in the New York hospital professional liability market. The Doctors Company, An Interinsurance Exchange (TDC), the second largest MPL insurer in the United States, acquired HIC in 2019. The company served the major N.Y. hospital systemsMount Sinai, Montefiore and Maimonidesbefore its acquisition, and continues to do so post-acquisition. HIC recently opened its distribution model to accept other hospitals and physician groups in New York. While growth is projected to be moderate over the next few years, the planned expansion does carry a degree of execution risk. AM Best considers the groups risk-management capabilities appropriate for the groups risk profile. HIC has largely adopted the ERM practices of its parent, TDC. The stable outlooks reflect the expectation that HIC will maintain a balance sheet assessment at the strongest level over the intermediate term with adequate operating results contributing to surplus growth needed to support the company's expanding book of business following the opening of the HRA/HIC program to hospitals and physician groups in New York. This press release relates to Credit Ratings that have been published on AM Bests website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Answer: AM Best Assigns Credit Ratings to Hospitals Insurance Company, Inc.