AM Best Upgrades Hamilton Re To ‘A’ Rating
Hamilton Insurance Group announced that AM Best upgraded the Financial Strength Rating to “A” and the Long-Term Issuer Credit Ratings of its subsidiaries.
A spokesperson said, “Hamilton Insurance Group, Ltd. [NYSE: HG] [the Company] announced today that AM Best [AM Best] has upgraded the Financial Strength Rating to “A” [Excellent] from “A-” [Excellent] and the Long-Term Issuer Credit Ratings [ICR] of “a” [Excellent] from “a-” [Excellent] of Hamilton Re, Ltd. [Hamilton Re] and Hamilton Insurance Designated Activity Company [Hamilton Insurance DAC], each a wholly owned subsidiary of the Company [collectively referred to as “Hamilton]. The outlook for these Credit Ratings has been revised to stable from positive.
“In its report, AM Best noted the ratings upgrade reflects, among other assessments, Hamilton’s very strong balance sheet strength, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management; the upgrade of the Long-Term ICR reflects Hamilton’s trend of increasingly favorable underwriting results. AM Best further noted Hamilton has shown improving underwriting results consistently over the past five-year period while conservatively reserving, with a five year net favorable reserve development, outperforming peers.”
“We are thrilled that AM Best has upgraded Hamilton to an “A” rating,” said the Company’s CEO Pina Albo. “This endorsement recognizes the remarkable business transformation that our team has achieved over the past five years. It also allows us to continue expanding our access to profitable business at this favorable time in the market cycle, thus facilitating the execution of our strategy of building a global specialty insurance and reinsurance company.
“Receiving an “A” rating from AM Best is a meaningful acknowledgment of the dedication and hard work of our team. Taken together with our recent listing as a public company and our ten-year anniversary, our ratings upgrade completes a trilogy of success to be celebrated.”
