AM Best has affirmed the Best's Syndicate Rating of A (Excellent) and the issuer credit rating of "a" of Lloyd's Syndicate 2007 managed by Novae Syndicates Limited (NSL). The outlook for both is stable.
Best has also withdrawn its Syndicate Rating of A (Excellent) and the issuer credit rating of "a" of Lloyd's Syndicate 1007, also managed by NSL, and has assigned an NR-3 (Rating Procedure Inapplicable) to the syndicate.
The ratings for syndicate 2007 continue to reflect the financial strength of Lloyd's, which underpins the security of all Lloyd's syndicates. The withdrawal of syndicate 1007's rating follows the decision by Novae Group Plc to merge syndicate 1007 with syndicate 2147. The newly merged entity is to be renumbered Lloyd's Syndicate 2007.
Syndicate 2007's capacity for the 2007 year of account is £360m, which has increased by £120m to accommodate business from syndicate 1007. However, the 2007 capacity remains unchanged from the aggregate capacity of the two syndicates in 2006. At the same time, the Lloyd's economic capital assessment (ECA) on the merged syndicate has fallen £107m to £179m for 2007. AM Best believes this reduction reflects the combined syndicate's diversified account of non-clashing business lines. Additionally, it believes the merger has enhanced the syndicate's business profile.
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