BNY Mellon captive's rating affirmed

AM Best has affirmed the financial strength rating of A (Excellent) of Bermuda-based BNY Trade Insurance and The Hamilton Insurance Corp. based in New York. The outlook is stable.

The ratings agency said the rating reflected BNY Trade's balance sheet strength, which AM Best assessed as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

BNY Trade and Hamilton are single-parent captives of their ultimate parent, The Bank of New York Mellon Corporation. In their roles as single-parent captives, both companies provide comprehensive reinsurance coverage and products to their parent.