The resignation of one of the Hamilton Insurance Goup’s leading executives will not affect the group’s credit ratings, AM Best said yesterday.

The rating agency’s commentary came after Conan Ward resigned as chief executive officer of the Bermuda firm’s US arm, Hamilton USA.

AM Best said the financial strength rating of A- of Hamilton Re, Hamilton Specialty Insurance Company and Hamilton Insurance Company remained unchanged after Mr Ward’s departure. The issuer credit rating of a- was also unchanged.

“AM Best expects the companies’ business plan implementation to continue inforce as it was presented during the initial rating assignment,” the ratings agency stated.

“It is further expected that the companies will continue to receive support from their ultimate parent, Hamilton Insurance Group.”

AM Best added that the US-based subsidiaries “follow stringent underwriting and risk management guidelines, as does their affiliate, Hamilton Re”.

Mr Ward’s resignation after less than two years in the post was announced by the company last week without an explanation.

The graduate of the US military training school West Point joined Hamilton USA in February last year. He is well known in Bermuda for his time working as Validus Re’s chief underwriting officer from 2005 to 2009.