AM Best affirms ratings of BNY Mellon captives

30-05-2022

AM Best affirms ratings of BNY Mellon captives

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 and The Hamilton Insurance Corp. The outlook of these credit 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, a 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 favourable 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.

According to AM Best 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.

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