AM Best has affirmed its syndicate rating of ‘A' (excellent) and issuer credit rating (ICR) of ‘a' of Lloyd's syndicate 2010, which is managed by Cathedral Underwriting.
The ratings agency said a rating of ‘bbb-‘ has been assigned to the $10m and €12m ($15.5m) of floating rate subordinated notes due 2034 issued by Cathedral, the non-operating holding company of the Cathedral group of companies.
An ICR of "bbb" has been given to Cathedral, it said.
The outlook for all ratings is stable.
