AM Best Affirms Credit Ratings of BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp.

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+” (Excellent) of BNY Trade Insurance, Ltd. (BNY Trade) (Hamilton, Bermuda) and The Hamilton Insurance Corp. (Hamilton) (Melville, NY). The outlook of these Credit Ratings (ratings) is stable.

The ratings of BNY Trade reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of Hamilton reflect its balance sheet strength, which AM Best assesses 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 [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 ratings also reflect its steady growth in surplus driven by its consistent premium growth and favorable profitability over the past several years. Hamilton’s ratings also 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.

AM 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 Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Chul Hyung Lee
Senior Financial Analyst

+1 908 439 2200, ext. 5036

[email protected]

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

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Fred Eslami
Associate Director

+1 908 439 2200, ext. 5829

[email protected]

Jeff Mango
Managing Director,

Strategy Communications

+1 908 439 2200, ext. 5204

[email protected]

Source: AM Best