A.M. Best has affirmed the ratings of BNY Mellon captives BNY Trade Insurance and The Hamilton Insurance Corporation.
The financial strength ratings of “A (Excellent)” and the long-term issuer credit ratings of “a+” reflect captive’s strong risk-adjusted capitalisation, consistently excellent operating performance, solid liquidity and “conservative operating strategy”, A.M. Best said.
Partially offsetting these positive rating factors are the companies’ limited market scope, business profile and product mix, as well as its dependence on third parties for processing, servicing and administration.
A.M. Best recognises BNY Trade and Hamilton’s “robust” enterprise risk management frameworks, as they follow those practices of their ultimate parent, The Bank of New York Mellon Corporation (BNY Mellon).
BNY Trade and Hamilton provide comprehensive reinsurance coverage and products to their parent.
