Hamilton's ratings are not expected to be upgraded and its outlook revised within the next year as the company's operating performance and capital position have already been considered in the ratings process. Nonetheless, the potential for negative rating actions could result if the company’s volatility in operating performance exceeds A.M. Best's expectations and results in a significant prolonged decline in its risk-adjusted capitalization. In addition, deterioration in the credit profile of BNY Mellon could impact Hamilton's ratings.A.M. 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 insurance market, please visit www.ambest.com/captive. The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Alternative Risk Transfer (ART)”; “Rating New Company Formations”; “Understanding BCAR for Property/Casualty Insurers”; “Catastrophe Analysis in A.M. Best Ratings”; and “The Treatment of Terrorism Risk in the Rating Evaluation.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.