A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of “a+” (Excellent) of BNY Trade Insurance (BNY Trade), based in Bermuda and The Hamilton Insurance Corporation (Hamilton), which is based in New York. The outlook of these credit ratings is stable. The ratings reflect BNY Trade’s balance sheet strength, which A.M. Best assessed as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). In addition, the ratings also reflect Hamilton’s balance sheet strength, which A.M. Best assessed 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, a leading global financial services company. A.M. Best explains that in their roles as single-parent captives, both companies provide comprehensive reinsurance coverage and products to their parent. “BNY Trade’s ratings reflect its steady growth in surplus driven by its consistent premium growth and favourable profitability over the past several years,” A.M. Best explains. The rating firm also highlights that 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. 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.
