The single-parent captives of global financial services company BNY Mellon, BNY Trade Insurance and The Hamilton Insurance Corporation, have had their financial strength ratings of A (Excellent) and their long-term issuer credit ratings of “a+” affirmed by A.M. Best.
The outlook of the two Bermuda-domiciled captives credit ratings remains stable.
In their roles of single-parent captives, both companies provide comprehensive reinsurance coverage and products to BNY Mellon.
The ratings reflect BNY Trade’s “strongest” balance sheet strength, its strong operating performance, neutral business profile, and appropriate enterprise risk management (ERM).
BNY Trade’s ratings also mirror its steady growth in surplus, which is driven by its consistent premium growth and favourable profitability over the past several years.
Hamilton’s ratings are reflective of its “strongest” balance sheet strength, its adequate operating performance, neutral business profile, and appropriate ERM.
Additionally, Hamilton’s ratings are also due to its adequate liquidity and operating performance and the contribution that its consistent level of investment income has made to its growth in surplus.
Both captives benefit from BNY Mellon’s robust, enterprise-wide policies, and procedures in the areas of risk management, corporate governance, compliance, and ethics.
