Moody's affirms A- rating for Atrium's 570 syndicate

Moody's Investors Service has affirmed the A- (good) syndicate performance rating of Atrium's 570 syndicate. The outlook remains stable.

The rating reflects the profit of 1.6% of capacity recorded by the syndicate for the 2001 account, with
the expectation that the syndicate will continue to outperform the market over the cycle.

The rating also reflects the syndicate's above average
underwriting team, sound management and strong backing from Atrium Underwriting and traditional names.

The rating is tempered by the returns available from the small limit, lower volatility account written and the historical dilution of returns through under-utilisation of capacity.

Moody's expectation is that profits for the syndicate for the 2002 to 2004 years of account will be in excess of 10% of capacity on a prudently reserved book and that
utilisation in future will be more reflective of the syndicate's capacity levels, with the syndicate rigorously managing its capacity in line with the underwriting cycle.