HAI Group: balancing mission, risk, and sustainable growth

Captive International  talks to Ed Malaspina (pictured), president & chief executive of HAI Group.

When AM Best upgraded HAI Group’s financial strength rating from A (Excellent) to A+ (Superior), it reflected not just sound performance but a disciplined, member-focused strategy. President and chief executive Ed Malaspina told Captive International  in a video interview that sustaining that success will require balancing innovation, prudence, and purpose amid rising climate risks and industry volatility.

As a member-owned insurer serving public and affordable housing agencies across the United States, HAI Group’s growth strategy is grounded in its mission. Its aim is not simply to expand but to serve members better, ensuring alignment between insurance solutions and the challenges faced by housing authorities. Staff members pursue industry certifications such as the Public Housing Manager designation, giving them firsthand understanding of clients’ regulatory and operational realities. The organisation’s governance—comprising boards and committees drawn from member agencies—ensures that emerging housing sector issues directly inform strategy.

HAI Group’s origins lie in promoting risk control, a principle that continues to shape its approach. Its Loss Prevention Fund helps members finance safety and maintenance projects, from better lighting to walkway repairs. Another initiative replaces damaged roof shingles with high-impact versions at no additional cost—strengthening resilience while reducing future claims.

Research is also central to the company’s operations. Through its nonprofit arm, the Public and Affordable Housing Research Corporation (PAHRC), HAI Group collects and shares data to challenge stereotypes about affordable housing and inform policy discussions nationwide.

Malaspina credits the organisation’s “secret sauce” to disciplined growth. “We often zig when people zag,” he says, noting that HAI Group rejects most new business opportunities to preserve financial strength. That philosophy underpins its 98% policy retention rate, $300 million in annual premiums, and lean workforce of 180 employees.

For Malaspina, success lies in consistency: “It’s about being there tomorrow—for our members, their residents, and the communities we serve.”

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