A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the long-term issuer credit rating of ‘a+’ (Excellent) for both BNY Trade Insurance Ltd and The Hamilton Insurance Corp.
The outlook of these credit ratings is stable.
A.M. Best notes that the ratings of both BNY Trade and Hamilton reflect their respective balance sheet strength, as well as strong operating performance, neutral business profile and appropriate enterprise risk management.
BNY Trade and Hamilton are single-parent captives of BNY Mellon, a global financial services company. They provide comprehensive reinsurance coverage and products to the parent company.
The rating agency notes that BNY Trade and Hamilton both benefit from BNY Mellon’s robust enterprise-wide policies and procedures concerning risk management, resiliency, corporate governance and compliance.
A.M. Best adds that BNY Trade’s ratings also reflect its steady growth in surplus, fuelled by consistent premium growth and favourable profitability over the past few years. Similarly, Hamilton’s ratings are bolstered by its stable premium, strong liquidity and consistent level of investment income.
