Moody's has reaffirmed its ratings for ACE's Lloyd's syndicate, despite the unexpected departure of the group's chief executive John Charman last week.

The rating agency said it would continue to give syndicate 2488, the underwriting vehicle of ACE Global Markets (AGM), an excellent (Aa2) insurance financial strength rating and a good (A) performance rating.

Syndicate 2488 is the largest syndicate in Lloyd's, with a capacity of around US $1.1bn (£770m) and an estimated gross premium written of about US $900m (£631.4m).