Moody's has downgraded its performance rating for liability orientated Syndicate 1047, citing concerns over future capital support.
The international ratings agency downgraded the syndicate, which is managed by Sackville Syndicate Management, to B-minus Below Average from B Average, under review for possible downgrade.
Moody's said although Syndicate 1047 was historically profitable, a significant loss of 25% to 35% had been forecast 1999.
It added that the likely combined stamp capacity for Syndicate 1047 and Syndicate 1173, also managed by Sackville, was only £35m, lower than originally intended.
Syndicate 1173's performance rating was confirmed at C Below Average.
