OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Ratings of A
(Excellent) and the Long-Term Issuer Credit Ratings of “a+” of BNY Trade
Insurance, Ltd. (BNY Trade) (Hamilton, Bermuda) and The Hamilton
Insurance Corp. (Hamilton) (Melville, NY). The outlook of these Credit
Ratings (ratings) remains stable.
The ratings reflect BNY Trade’s balance sheet strength, which AM Best
categorizes 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 AM Best categorizes as strongest, as well as its
adequate operating performance, neutral business profile and appropriate
Both BNY Trade and Hamilton are single-parent captives of their ultimate
parent, The Bank of New York Mellon Corporation [NYSE: BK], a leading
global financial services company. In their roles as single-parent
captives, both companies provide comprehensive reinsurance coverage and
products to their parent.
BNY Trade’s rating reflects its steady growth in surplus driven by its
consistent premium growth and favorable profitability over the past
several years. Hamilton’s rating reflects its adequate liquidity and
operating performance and the contribution that its consistent level of
investment income has made to its growth in surplus. Both BNY Trade and
Hamilton benefit from their parent’s robust, enterprise–wide policies
and procedures in the areas of risk management, corporate governance,
compliance and ethics.
A.M. Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the United
States and throughout the world. For current Best’s Credit Ratings and
independent data on the captive and alternative risk transfer insurance
market, please visit www.ambest.com/captive.
This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
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