Standard & Poor's announced yesterday that its Lloyd's insurance market's single 'A' insurer financial strength rating is to remain on CreditWatch, with negative implications.
Standard & Poor's (S&P) announced yesterday that its Lloyd's insurance market's single 'A' insurer financial strength rating is to remain on CreditWatch, with negative implications.
The watch will remain as S&P said there is still considerable uncertainty as to the extent of the impact of open-year losses on Lloyd's. This is due to a review of estimated WTC losses, along with cash calls and estimates for Central Fund drawdowns. Also, the impact of the creation of significant new capacity in Bermuda is unclear.
S&P's will give an updated opinion at the end of April when final results for the 1999 underwriting year, updated forecasts for the 2000 and 2001 underwriting years, year-end solvency results and an assessment of WTC on business volumes through the fourth-quarter will be available.
It expects Lloyd's to remain in the secure rating category.
