AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of BNY Trade Insurance, Ltd. (BNY Trade) (Hamilton, Bermuda) and The Hamilton Insurance Corp. (Hamilton) (Melville, NY). The outlook of these Credit Ratings (ratings) is stable.

The ratings of BNY Trade reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of Hamilton reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM.

BNY Trade’s balance sheet strength assessment of strongest is supported by its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Further, the company continues to maintain excellent liquidity measures while generating consistent net annual profits during the past five-year period, driven by organic growth. Hamilton’s very strong balance sheet strength assessment is supported by risk-adjusted capitalization at the strongest level, as measured by BCAR, strong liquidity measures exceeding industry composite averages, and benefits from the financial flexibility and support from its ultimate parent, The Bank of New York Mellon Corporation (BNY Mellon) [NYSE: BK]. The operating performance of strong for both BNY Trade and Hamilton reflects favorable combined ratios, driven by excellent loss history and low expense structure.

Both BNY Trade and Hamilton are single-parent captives of their ultimate parent, BNY Mellon, a leading global financial services company. In their roles as single-parent captives, both companies provide comprehensive reinsurance coverage and products to their parent. Both BNY Trade and Hamilton are an integral component of BNY Mellon’s overall risk management framework, and benefit from the parent’s robust, enterprise–wide policies and procedures in the areas of risk management, resiliency, corporate governance, compliance and ethics.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Chul Lee Senior Financial Analyst +1 908 882 2005 chul.lee@ambest.com Fred Eslami Associate Director +1 908 882 1759 fred.eslami@ambest.com Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com

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