HIH Hawaii Gets S&P 'R' Rating

Standard & Poor's Ratings Services said yesterday that it has assigned its 'R' financial strength rating to HIH America Insurance Co. of Hawaii Inc. (HIH Hawaii) because of the company's insolvency and ongoing liquidation. The State Insurance Commissioner of Hawaii officially declared HIH Hawaii insolvent on May 30, 2002, which resulted in the transfer of all claims to the Hawaii Insurance Guaranty Assn. HIH Hawaii was a workers' compensation insurance company that provided coverage for companies in Hawaii. Although HIH Hawaii's core insurance business was financially sound even at the tim...