AM Best has confirmed that BNY Trade Insurance Ltd, based in Bermuda, and The Hamilton Insurance Corp, based in New York, will both keep their Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a+” (Excellent). The outlook for both companies is stable, according to the credit rating agency.

BNY Trade and Hamilton are owned by The Bank of New York Mellon Corp and act as insurance companies for their parent company. They provide reinsurance and coverage to help manage risk across the business.

BNY Trade earned AM Best’s highest rating for balance sheet strength, supported by strong capital levels and solid profits over the past five years. Hamilton was rated one step lower – very strong – but still showed strong capital and better-than-average liquidity.

Both companies also earned strong scores for operating performance, thanks to low costs and good claims history. Their roles in BNY Mellon’s risk management system also helped support the ratings.

AM Best said the companies benefit from strong support and financial backing from their parent, along with solid policies around risk, compliance and ethics.