Standard & Poor's has confirmed that its interactive Lloyd's Syndicate Assessment of '2+/Stable' on Canopius Managing Agents and its public information-based LSA of '1pi' on Creechurch Underwriting, are unaffected by Canopius' acquisition announcement.
The Creechurch syndicates have a combined capacity of £90m for the 2006 year of account.
Both will be placed into run-off at the end of 2006, and following this, Standard & Poor's will withdraw its LSA on Syndicate 1607.
Subsequent to the acquisition, the capacity of Syndicate 4444 is expected to increase to £450m from £300m.
Standard & Poor's believes that the acquisition will potentially provide diversification and capital efficiency benefits to Syndicate 4444.
The ratings agency said, however, that there will be risks associated with the integration process and the performance of the acquired Creechurch portfolio, and the prospective performance of the acquired underwriting teams.
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