AM Best has affirmed the ratings of A (Excellent) and the issuer credit ratings (ICR) of “a+” of Lloyd's Syndicate 2623 and Lloyd's Syndicate 623.
At the same time, AM Best has affirmed the ICR of “bbb+” of Beazley Group, the non-operating holding company of the Beazley group of companies, and the debt ratings of “bbb-” on the £150m ($297m) subordinated notes due 2026 and the $18m subordinated notes due 2034 issued by Beazley. The outlook for all ratings remains stable.
The ratings assigned to syndicates 2623 and 623 reflect the financial strength of the Lloyd's market which underpins the security of all Lloyd's syndicates.
In addition, AM Best believes the syndicates' financial flexibility is enhanced by the support of Beazley. For the 2007 underwriting year it is anticipated that capacity for the combined syndicates will increase to £860m ($1,702m) from £830m ($1,642m) and that all business will be split 2623 (81%) and 623 (19%), in line with each syndicate's anticipated capacity.
