AM Best has affirmed the financial strength ratings of ‘A’ (Excellent) and long-term issuer credit ratings of ‘a+’ (Excellent) for BNY Trade Insurance and The Hamilton Insurance Corporation, both single-parent captives of The Bank of New York Mellon Corporation.
The outlook for both Bermuda-based captives remains ‘stable’.
BNY Trade’s ratings reflect a balance sheet strength assessed as ‘strongest’ by AM Best, supported by robust risk-adjusted capitalisation, consistent profitability and excellent liquidity.
Meanwhile, Hamilton receives a balance sheet strength assessment of ‘very strong’, underpinned by the highest level of risk-adjusted capitalisation, according to AM Best’s Capital Adequacy Ratio, and liquidity metrics above industry averages.
Both companies also maintain strong operating performance, neutral business profiles, and appropriate enterprise risk management frameworks.
As single-parent captives, the insurers play a core role in the group’s risk management strategy by reinsuring various risks on behalf of their parents.
They benefit from the financial strength and oversight of BNY Mellon, which AM Best cited as a key factor in supporting the captives’ overall stability.
According to the rating agency, the captives are fully integrated into BNY Mellon’s enterprise-wide governance, compliance and risk procedures.
