Moody's has downgraded the B- Below Average performance rating of syndicate 44
Moody's has downgraded the B- Below Average performance rating, negative outlook, of syndicate 44, Canopius Managing Agents, to C+ Below Average.
The ratings agency said the decision was made in light of the termination of the recent discussions involving the transfer of the syndicate or its renewal rights to another managing agency, and the announcement that Canopius intends to cease to accept new or renewal business from 31 December 2006.
A stable outlook has been applied to the rating.
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