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.