Moody's has assigned a negative outlook to the B Average performance rating of Munich Re Underwriting's Syndicate 457, citing concerns over recent poor performance.
Rating agency Moody's has assigned a negative outlook to the B Average performance rating of Munich Re Underwriting's Syndicate 457, citing concerns over recent poor performance.
The agency said the negative outlook reflected its concerns over the level of profit the syndicate might achieve over the cycle, going forward.
It added that Syndicate 457's 1998 result and the open years 1999 to 2001 had suffered from soft market conditions and major marine and satellite losses, as well as losses from the terrorist attacks in the USA.
A loss of 24% of capacity was recorded in 1998 and Munich Re Underwriting has forecast losses of 30% and 19% for 1999 and 2000, respectively.
New joint active underwriters have been appointed at the syndicate and the book has been restructured with new class underwriters appointed in recent years.
Syndicate 457 is a short-tail general marine syndicate operating in the Lloyd's of London insurance market.
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