AM Best has affirmed the syndicate rating of A (excellent) and the issuer credit rating (ICR) of “a+” of Lloyd's Syndicate 382 (United Kingdom), which is managed by Hardy.
AM Best said Syndicate 382 was likely to record excellent profits when the 2002 and 2003 open years of account were closed (16% and 9.5% on capacity, respectively). The Syndicate is likely to continue to be profitable in 2004 as a result of disciplined underwriting and continued good rates for its cargo, financial institutions and specialist aviation business, despite some softening.
