AM BEST has assigned its first individual Lloyd's syndicate rating to Euclidian's syndicate.

The integrated Lloyd's vehicle's syndicate 1243 has been given an A (excellent) rating, reflecting Lloyd's “strong overall capital structure” and its own “above average expected underwriting performance”.

AM Best announced it would be grading syndicates individually in the 300-year-old market earlier this year.

Traditionally, Lloyd's has been given a rating as a whole, but the new gradings reflect the “specific financial strength characteristics” of each syndicate, with strong groups being assigned an A+ or A++ if their business profile and operating performance is better than the market overall.

Syndicates ask AM Best for the voluntary rating, which takes about four to six weeks to assess.