Standard and Poor's lowered the Lloyd's Syndicate Assessment on GoshawK managed Syndicate 0102. The rating was lowered from LSA 2pi to LSA 1pi.
Marcus Rivaldi, credit analyst for Standard and Poor's said; "The action, following GoshawK Insurance Holding's 2003 interim results, reflects the possibility that Syndicate 0102 may not be able to trade forward into 2004 in its current form and scale without a material capital injection to ensure solvency of its corporate capital member."
Standard and Poor's previously downgraded Syndicate 0102 from LSA 3pi to LSA 2pi on 24 September 2003. This incorporated the impact of GoshawK's July 2003 group profit warning, said the company.
Standard and Poor's said in order to ensure the syndicate corporate capital member's solvency and the presence of a viably sized business for 2004, it considered that a material capital injection is required before the Lloyd's market's November 2003 coming-in-to-date line.
