AM Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of “a+” (Excellent) of Bermudian-based BNY Trade Insurance Ltd and The Hamilton Insurance Corp, based in Melville, New York.

Both are single-parent captives of their ultimate parent, The Bank of New York Mellon Corporation, a leading global financial services company.

In their roles as single-parent captives, both companies provide comprehensive reinsurance coverage and products to their parent, AM Best said.

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.

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.

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.

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, the agency said.