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.
| Ratings Downgrades | |||
| 980* | Limit | B+ Above average | B Average |
| Underwriting | Negative outlook | ||
| 1171 | RGB | B- below average | C+ Average |
| Negative outlook | |||
| * Rating reflects proposed merger of syndicate 877. | |||
| Ratings Confirmed | |||
| 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 |
| 506 | Kingsmead | B Average | Negative |
| 587 | Chaucer | B 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.
