know about this AM Best affirms the credit ratings of BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp.
in complete details.
OLDWICK, New Jersey–(COMMERCIAL WIRE)–I am better 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, New York). The outlook on these Credit Ratings (ratings) is stable.
BNY Trade’s ratings reflect the strength of its balance sheet, which AM Best rates as the strongest, as well as its strong operating performance, neutral business profile and adequate enterprise risk management (ERM). Hamilton’s ratings reflect the strength of its balance sheet, which AM Best rates as the 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 captives of a single parent, both companies provide comprehensive reinsurance coverage and products to their parent.
BNY Trade’s ratings also reflect its steady growth in surplus fueled by steady 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 adequate surplus levels. Both BNY Trade and Hamilton benefit from their parent company’s strong policies and procedures in the areas of risk management, resiliency, corporate governance, compliance and ethics.
AM Best remains the leading rating agency for alternative risk transfer entities, with more than 200 of these vehicles rated in the United States and around the world. For Best’s current Credit Ratings and independent data on the alternative and captive risk transfer insurance market, visit www.ambest.com/captive.
This news release relates to credit ratings that have been posted on AM Best’s website. For full rating information related 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 on the use and limitations of credit rating opinions, see Best Credit Score Guide. For information on the proper use of Best’s Credit Ratings, Best’s Performance Reviews, Best’s Preliminary Credit Reviews, and AM Best’s press releases, see Guide to the proper use of Best ratings and evaluations.
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