Ratings agency AM Best said the Lloyd's Chairman's Strategy Group (CSG) may have compromised its original objective to increase the simplicity of the market for capital providers.
Affirming the market's financial strength rating of A-with a stable outlook, AM Best said the affirmation reflects Lloyd's excellent business profile, excellent capitalisation and high standards of regulation.
Offsetting factors are the market's weak financial performance, uncertainty caused by the sheer magnitude of losses Lloyd's is facing, certain issues arising from its Chairman's Strategy Group proposals and long-term uncertainty over the ultimate adequacy of Equitas' reserves.
