The credit rating agency A.M. Best Co. has revised its outlook for Massachusetts-based The Hingham Group to negative from stable.
Best also affirmed the financial strength rating of B+ (Good) and issuer credit ratings of “bbb-” for Hingham and its members. Hingham’s subsidiaries comprise Hingham Mutual Fire Insurance Co. and Danbury Insurance Co.
Best said the revised outlook reflects the potential for further declines in risk-adjusted capitalization, driven by the deteriorating market value of Hingham’s investment portfolio and its trend of unfavorable operating performance.
Primarily, Hingham is engaged in writing homeowners and private passenger automobile insurance products in New England.
Source: A.M. Best Co.
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