Ratings agency Moody's has assigned positive outlooks to the "B plus" ratings of Lloyd's syndicate 623 - Beazley Furlonge - and its parallel syndicate 2623.
Moody's said the decision was based on the expectation that the syndicates can achieve the returns associated with an "A minus" rating.
Moody's claimed the rating was also based on Beazley Furlonge's expansion during the past few years from a capacity of £125m for 2000 to a combined capacity of £660m for 2003.
Despite some concerns over potential reserve adjustments in
the syndicate's professional indemnity (PI) account, Moody's predicted that the syndicate will outperform the PI market.
