Moody's has downgraded the performance rating of Brit's life Syndicate 389 from B- (below average) to C (below average).
It said this was in response to the reducing time frame in which to conclude the sale of the syndicate's business. Moody's said it expected Brit to place the business into run-off should a sale not be reached.
The rating has been kept under review with direction uncertain.
Syndicate 389, which took on the business of life Syndicate 429 for 2002, is currently forecasting losses of between 7.5% and 12.5% for 2001 and between 5% and 10% for 2002.
Brit Syndicates announced discussions that might lead to the sale of Syndicate 389's business at the beginning of September, said Moody's.
