A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of “a+” of BNY Trade Insurance (BNY Trade) (Hamilton, Bermuda) and The Hamilton Insurance Corporation (Hamilton) (Melville, NY).
The outlook of these credit ratings remains stable.
A.M. Best stated that the ratings reflect BNY Trade’s balance sheet strength, which is categorised as “strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM)”.
Additionally, the ratings also reflect Hamilton’s balance sheet strength, which A.M. Best categorises “as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM”.
Both BNY Trade and Hamilton are single-parent captives of their ultimate parent, The Bank of New York Mellon Corporation (BNY Mellon).
A.M. Best explained: “In their roles as single-parent captives, both companies provide comprehensive reinsurance coverage and products to their parent company.”
The rating company outlined that BNY Trade’s ratings reflect its steady growth in surplus driven by its consistent premium growth and favourable profitability over the past several years.
“Hamilton’s ratings reflect its stable premium, strong liquidity and adequate operating performance, as well as its consistent level of investment income that contributes to its more than sufficient surplus levels”, A.M. Best continued.
Both BNY Trade and Hamilton benefit from their parent’s robust, enterprise-wide policies and procedures in the areas of risk management, resiliency, corporate governance, compliance and ethics.
