Fears over the adequacy of Equitas' reserves have prompted ratings agency AM Best to leave the Lloyd's market's financial strength rating unchanged.
There had been some anticipation in the market that the ratings agency would increase its rating from A- (excellent).
The agency said the rating reflected the market's "excellent business profile and capitalisation, its improving performance, stable investment returns and enhanced standards or risk management".
The report said the uncertainty of the adequacy of Equitas' reserves remained a long-term negative factor in the rating.
AM Best's general manager Jose Sanchez-Crespo said: "The rating of A- (excellent) that was placed on the market took into account the work and the progress that was ongoing.
"The progress made by the market was accepted and taken into account when it was rated previously. This rating recognises that the predicted progress had been achieved."
He added: "It is fair to say that Equitas and its reserving will remain a long-term concern, but that does not mean that if the progress is continued the market will not receive an increased rating in future."
