Syndicate 2999 wins B rating from Moody's

Moody's Investors Service assigned a first time B (Average) performance rating to Lloyd's Syndicate 2999, Limit Underwriting Limited. The outlook is stable.

Moody's said the rating reflected the Syndicate's above average capital support from QBE and its management controls. These strengths were offset by the Syndicate's track record, although it has been significantly restructured since 2002.

Three separate trading bodies, Sub-Syndicates 566, 2000, and 2724, form syndicate 2999. It has a 2003 capacity of £500m, all provided by QBE.

Moody's said it did not believe that Syndicate 2999's 28.5% loss recorded for 2000, its first trading year, was an accurate reflection of the on-going Syndicate.