Moody's has today changed the outlook on the 'B'average performance...
Moody's has today changed the outlook on the 'B' (average) performance rating of Syndicate 780, managed by Advent Underwriting Agency, to negative from stable.
The ratings agency said the change has been made in light of concerns over future capital support for the syndicate.
Syndicate 780's capacity has been reduced to £153m for 2005 from £216m in 2004.
Moody's stated that it would be reviewing the outcome of the strategic review and in the absence of any positive progress towards resolving the syndicate's capital position, would likely take further negative rating
action.
