Hamilton earns rating boost as strategy pays off in favourable market
Hamilton Insurance Group has secured a rating upgrade from AM Best on improvement in underwriting results and business transformation over the last five years.
AM Best has awarded the Bermuda-based reinsurer an ‘A’ (Excellent) Financial Strength Rating, an improvement from the previous ‘A-‘. The Long-Term Issuer Credit Ratings (ICR) has also been raised to ‘a’ (Excellent) from ‘a-‘.
The outlook for these credit ratings has been revised to stable from positive. The changes applies to Hamilton Re and Hamilton Insurance Designated Activity Company , each a wholly owned subsidiary of the company collectively referred to as Hamilton.
According to the ratings agency, Hamilton has shown “improving underwriting results consistently over the past five-year period while conservatively reserving, with a five year net favourable reserve development, outperforming peers”.
The agency also highlighted that the rating upgrade reflects 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 favourable underwriting results,” Best noted.
Hamilton CEO Pina Albo said: “We are thrilled that AM Best has upgraded Hamilton to an ‘A’ rating. 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 favourable 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.”
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