Rating agency Moody's has downgraded two Lloyd's syndicates – Limit Underwriting and RGB Underwriting – and given four other syndicates negative outlooks. This latest review is part of an ongoing assessment of the market.
|980*||Limit||B+ Above average||B Average|
|1171||RGB||B- below average||C+ Average|
|* Rating reflects proposed merger of syndicate 877.|
|861*||Brockbank||A- Good||A- Good|
|2001**||Amlin||B+ Above average||B+ Above average|
|Negative outlook||Negative outlook|
|*Rating reflects proposed merger of syndicates 588 and 1209.|
|** Rating reflects proposed merger of syndicates 902 and 1141.|
|Ratings with negative outlooks|
|340||St Paul||B+ Above average||Negative|
|735||Wren||B+ Above average||Negative|
The performance ratings – ranging from A+ (excellent) to C- (below average) – indicate Moody's opinion on the ability of Lloyd's syndicates to outperform over the medium to long term, and potentially provide long-term business relationships with insurance purchasers.
The syndicate performance ratings are based on a quantitative and qualitative assessment of four key areas, namely:
- the underwriting team
- the portfolio of business underwritten
- management controls in place
- capital support backing the syndicate.