HFPIHutton Forest Products Inc. (Canada)
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The ratings of HFPI reflect the implementation of an inter-company quota share reinsurance agreement (retroactive to July 1, 2007), whereby HFPI cedes 80% of its net retained liability to Hartford Fire Insurance Company (Hartford, CT), a member of the Hartford Insurance Pool.
The HFPI has now fallen for three consecutive quarters since the all-time high in the 3Q/11, and in the 2Q/12 was at the lowest level in two years.
The Softwood Wood Fiber Price Index has been higher than HFPI for 21 of the past 24 years; it is only the past three years that HFPI has been sold at a premium, and the 3Q/11 premium of US$9.
Despite the small recent decline, the HFPI was 15% higher in the 1Q this year compared to the same quarter last year.