Moody's has lowered the performance rating of Sackville-owned syndicate 1047 from B- to C+.
Liability orientated syndicate 1047 is almost 100% supported by SOC Private Capital providers and is to merge with syndicate 1173 into Sackville syndicate 2121 for the 2003 account.
Syndicate 1047 has been historically profitable until the 1999 account when it recorded a 45% loss.
In 2000 it suffered a 67.5% loss, and a 12.5% loss is forecase for the first-quarter of the 2001 account.
Moody's said that in light of these results, and predicted future deterioration, Moody's has concerns over Sackville's commitment to the liability business.
It also has concerns over policyholder continuity.
These concerns are reflected in the lowering of the syndicate's performance rating to C+.
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