AM Best has removed from under review with developing implications and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” of Hamilton Re. The rating agency said that the outlook assigned to these ratings is stable.
According to AM Best, the rating actions follow the completed acquisition of all outstanding shares of Hamilton US Holdings, a wholly owned subsidiary of Hamilton Insurance Group, by American International Group, (AIG) and the transfer of HUSA’s one-third ownership of Attune to Hamilton Insurance Group, as well as other provisions.
Additionally, the rating actions reflect Hamilton Insurance Group’s recent appointment of Pina Albo as the new group CEO. AM Best said that it acknowledges Albo’s extensive industry experience and expertise in both the insurance and reinsurance sectors.
AM Best added that will continue to have an open and ongoing dialogue with Hamilton Re, as the day-to-day management of the company begins the transition from David Brown, the interim CEO, to Albo.
The ratings agency stated that the ratings of Hamilton Re take into account its excellent risk-adjusted capitalisation, favourable operating results including underwriting profitability and solid enterprise risk management framework. Partially offsetting these positive rating factors are the start-up nature of the company, the greater investment risk associated with an alternative investment strategy and the increased competition in the reinsurance marketplace.
Pina Albo, AM Best, Hamilton Re, Hamilton Insurance Group, AIG, Rating, Bermuda