Beazley has said that AM Best has affirmed its existing rating of A (excellent) for Syndicates 623 and 2623 and issued a credit rating of A+.

AM Best said that the rating “reflected the financial
flexibility provided by Beazley” along with the “syndicate's strong financial performance and excellent market profile” within the Lloyd's market.

“The market profile of Syndicates 623 and 2623 is well diversified in terms of classes of business and territories written and increasingly benefits from access to additional surplus lines business through Beazley USA Services, the group's US-based managing agent.”

Andrew Beazley, chief executive of Beazley, said: "Following a difficult year for the insurance industry, we are delighted with the affirmation of our AM Best rating.

"This demonstrates the value of an established portfolio of business and an experienced team. For 2006, we are increasing the underwriting capacity of Syndicates 623 and 2623 by £88m to £830m.

"Beazley Underwriting is increasing its participation in Syndicates 623 and 2623 to 78% from 70% in 2005 and we are looking forward to benefiting from opportunities in the New Year.”