BNY Mellon Bermuda captive gets Excellent rating

Ratings agency AM Best has affirmed the financial strength rating of A (Excellent) for BNY Trade Insurance, the Bermuda-based single-parent captive of The Bank of New York Mellon Corporation.

The ratings reflect BNY Trade’s balance sheet strength, which AM Best categorises as 'strongest', as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

BNY Trade Insurance provides comprehensive reinsurance coverage and products to its parent, alongside The Hamilton Insurance Corp, another BNY Mellon-owned captive based in New York.

Both captives benefit from their parent's robust, enterprise–wide policies and procedures in the areas of risk management, corporate governance, compliance and ethics, AM Best said.

BNY Trade's rating also reflects its steady growth in surplus driven by its consistent premium growth and favourable profitability over the past several years.