Moody's Investors Service has changed its outlook on the C+ (below average) performance rating of Lloyd's Syndicate 1206 - Gerling - from positive to stable.
All the syndicate's capacity is provided by The Gerling Group.
The rating agency commented: "Although recent senior management changes at the syndicate, a refocused book of business and a small profit that is currently forecast for the 2001 account are all seen as positive, Moody's no longer believes a positive outlook on the performance rating is appropriate.
"This is as a result of the current uncertainty with regard to the future ownership of the Gerling Group and over concerns as to the strategic fit of the syndicate within the Gerling Group going forward."
