A.M. Best Co.
has removed from under review with negative implications and downgraded the financial strength ratings (FSR) to A- (Excellent) from A (Excellent) and the issuer credit ratings (ICR) to “a-“ from “a+” of
Hartford Life and Accident Insurance Company
Hartford Life Insurance Company
Hartford Life and Annuity Insurance Company
Hartford International Life Reassurance Corporation
(HILRE) (collectively referred to as Hartford Life). In addition, A.M. Best has removed from under review with developing implications and downgraded the ICR to “bbb-” from “bbb+” and the debt ratings of
Hartford Life, Inc.
At the same time, A.M. Best has removed from under review with negative implications and downgraded all debt ratings of
Hartford Life Global Funding Trusts
Hartford Life Institutional Funding
Concurrently, A.M. Best has removed from under review with developing implications and affirmed the FSR of A (Excellent) and ICRs of “a+” of
Hartford Fire Insurance Company
and its pooling subsidiaries and affiliates, collectively referred to as the
Hartford Insurance Pool
. At the same time, A.M. Best has removed from under review with developing implications and affirmed the ICR of “bbb+” and all debt ratings of
The Hartford Financial Services Group, Inc.
(The Hartford) [NYSE: HIG], which is the ultimate parent of the aforementioned operating insurance companies. The outlook assigned to all ratings is stable. All companies are headquartered in Hartford, CT. (Please see link below for a detailed listing of the companies and ratings.)
The ratings of the Hartford Insurance Pool reflect its solid risk-adjusted capitalization, strong underwriting fundamentals and operating profitability and excellent market position within the property/casualty industry.
These strengths are somewhat offset by the Hartford Insurance Pool’s recent underwriting losses and decline in operating results relative to its historical levels, above-average exposure to affiliated investments and commercial real estate assets compared to the overall property/casualty peer group and by variability of earnings and return measures, which were driven by realized and unrealized investment losses during the most recent five years.