Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) for Bermuda-based BNY Trade Insurance and New York-based Hamilton Insurance Corp, the single-parent captives of The Bank of New York Mellon Corporation.
BNY Trade’s ratings reflect its balance sheet strength, which AM Best categorises as 'strongest', as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Hamilton’s ratings reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM.
Both captives provide comprehensive reinsurance coverage and products to its parent.
They benefit from their BNY Mellon's robust, enterprise–wide policies and procedures in the areas of risk management, corporate governance, compliance and ethics, AM Best said.
BNY Trade's rating also reflects its steady growth in surplus driven by its consistent premium growth and favourable 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.
BNY Mellon, AM Best, Ratings, North America, Bermuda