AM Best Affirms Credit Ratings of Hamilton Select Insurance Inc.
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Hamilton Select Insurance Inc. (Hamilton Select) (Delaware). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Hamilton Select’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Hamilton Select is a newly formed specialty insurer focusing on small and middle market U.S. excess and surplus lines accounts. The ratings also reflect Hamilton Select’s strategic importance to its parent company, Hamilton Insurance Group, Ltd., along with the parent’s common ownership, management and its implicit and explicit support.
The very strong balance sheet assessment is based on Hamilton Select’s supportive risk-adjusted capital that meets AM Best’s guidelines for newly formed organizations. AM Best expects that Hamilton Select will maintain supportive risk-adjusted capital levels throughout its startup phase based on balance sheet projections provided by the company’s management. AM Best assesses Hamilton Select’s operating performance as adequate based on its clearly defined business plan and income statement projections that contemplate a level of implementation and execution risk for a newly formed entity, as well as the company’s performance during its first year of operations. AM Best views Hamilton Select’s business profile as limited, given the execution risk associated with a startup entity and the degree of competition in its selected market. This risk is mitigated somewhat by the management team’s experience in the targeted business class, along with the parent company’s brand and track record of success. Hamilton Select is expected to benefit from Hamilton Insurance Group, Ltd.’s established and tested ERM framework.
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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Contacts
Christopher Pennings, CPCU
Financial Analyst
+1 908 439 2200, ext. 5611
[email protected]
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
Gregory Dickerson
Director
+1 908 439 2200, ext. 5161
[email protected]
Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
[email protected]
