Moody's Investors Service has placed the B (average) performance rating of BF Caudle Agencies - Lloyd's Syndicate 2 - under review for possible downgrade.
The syndicate receives more than half its support from member's agencies which has caused concern.
The rating agency explained: "With the trend of consolidation continuing... Moody's sees the potential for Syndicate 2 to merge into Syndicate 780 in the short- to medium-term."
