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Bermuda domiciled re/insurer, Hamilton Insurance Group, Ltd., has received a revised outlook for its credit ratings from AM Best from stable to positive.
The ratings agency has also upgraded the Financial Strength Rating to “A” (Excellent) from “A-” (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) from “a-” (Excellent) of Hamilton Re, Ltd. and Hamilton Insurance Designated Activity Company, each a wholly owned subsidiary of Hamilton.
In its report, AM Best noted the ratings upgrade reflects Hamilton’s “very strong balance sheet strength”, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Meanwhile, the upgrade of the Long-Term ICR reflects Hamilton’s trend of increasingly favourable 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.
Pina Albo, Chief Executive Officer, Hamilton, commented, “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 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.”
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