Credit ratings agency AM Best has upgraded the financial strength rating of Hamilton Select Insurance, Inc., the U.S. excess and surplus (E&S) lines underwriting platform of Bermuda-based insurer and reinsurer Hamilton Insurance Group Ltd., to “A” (Excellent) with a stable outlook.
AM Best explained that the rating upgrade is primarily due to the clear support provided by Hamilton Select Insurance, which has recently strengthened, and also reflects its strategic importance to the group.
The upgraded rating supports Hamilton Select’s continued growth as Hamilton’s core U.S. E&S underwriting platform and is consistent with the company’s long-term strategy to build a diversified, global specialty insurance and reinsurance company.
Pina Albo, chief executive of Hamilton, commented: “We are very pleased with Hamilton Select’s rating upgrade. Receiving an ‘A’ rating from AM Best highlights the progress we have made in establishing Hamilton Select as an important pillar of Hamilton’s overall strategy.
“The upgraded ratings enhance our ability to continue to grow and profitably grow our U.S. specialty insurance business and provide greater value to our broker partners and customers.”
