Standard & Poor's (S&P) said only two Lloyd's Syndicate Assessments (LSAs) had changed following its latest review of Syndicates trading in the Lloyd's market in 2004.
The two LSAs to change were for Syndicates 0102 and 0389, both of which have been withdrawn following the Syndicates cessation for 2004, said S&P. Both Syndicates were assessed as 1pi (very high dependency).
S&P said figures on 1 January 2004 showed a 4% increase in market capacity compared with figures for 2003, up to £15.0bn.
Average 2004 Syndicate capacity increased by 11% to £227m, compared with £202m at the beginning of 2003.
The ratings agency said the market's effective capacity, including qualifying quota share reinsurance, has fallen 2% to £15.2bn from £15.5bn at the end of 2003.
Of the 73 Syndicates which were trading at the beginning of 2003, 64 have continued trading into 2004, said S&P. Nine others have ceased trading, three of which have merged with other Syndicates, and two new Syndicates were formed during 2003, said S&P.
At the beginning of 2004, the ratings agency said 66 Syndicates were trading within the Lloyd's market.
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