Rating agency Moody's has assigned a positive outlook to the performance rating of syndicate 529, Omega Underwriting Agents.
The syndicate has recently been given final approval to trade in 2001 under Omega Underwriting Agents with backing from the Shelter Mutual Group of companies of Missouri US.
The syndicate's trading licence was revoked by Lloyd's in July under its previous management.
Moody's is confident about the syndicate, with its new management and underwriters, because of its past track record. But this is also tempered by a healthy degree of scepticism.
It says the venture is being viewed as a start-up with "material uncertainty over both the mix and extent of future income, as well as whether the syndicate can remain on a stand-alone basis over the longer term, both of which may impact its future results.
"Despite this, the track record of the underwriter is good and a positive outlook has been assigned."
Omega syndicate 529 is a short-tail, non-marine and marine XL oriented syndicate.
It was recently transferred to Omega Underwriting Agents from Sterling Underwriting Agency after material losses in 1998 and 1999.
