AM Best Affirms Credit Ratings of BNY Trade Insurance, Ltd. and The Hamilton Insurance Corp.
31 May 2024 - 11:21PM
Business Wire
AM Best has affirmed the Financial Strength Rating 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 very strong,
as well as its strong operating performance, neutral business
profile and appropriate ERM.
BNY Trade’s balance sheet strength assessment of strongest is
supported by its risk-adjusted capitalization being at the
strongest level, as measured by Best’s Capital Adequacy Ratio
(BCAR). Further, the company continues to maintain excellent
liquidity measures while generating consistent net annual profits
during the past five-year period, driven by organic growth.
Hamilton’s very strong balance sheet strength assessment is
supported by risk-adjusted capitalization at the strongest level,
as measured by BCAR, strong liquidity measures exceeding industry
composite averages, and benefits from the financial flexibility and
support from its ultimate parent, The Bank of New York Mellon
Corporation (BNY Mellon) [NYSE: BK]. The operating performance of
strong for both BNY Trade and Hamilton reflects favorable combined
ratios, driven by excellent loss history and low expense
structure.
Both BNY Trade and Hamilton are single-parent captives of their
ultimate parent, BNY Mellon, a leading global financial services
company. In their roles as single-parent captives, both companies
provide comprehensive reinsurance coverage and products to their
parent. Both BNY Trade and Hamilton are an integral component of
BNY Mellon’s overall risk management framework, and benefit from
the 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 © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Chul Lee Senior Financial Analyst +1 908 882 2005
chul.lee@ambest.com Fred Eslami Associate Director +1 908 882
1759 fred.eslami@ambest.com Christopher Sharkey Associate
Director, Public Relations +1 908 882 2310
christopher.sharkey@ambest.com Al Slavin Senior Public Relations
Specialist +1 908 882 2318 al.slavin@ambest.com
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