Moody's Investors Service has assigned a B (average) performance rating, with a positive outlook to Marine-orientated Lloyd's syndicate 1183 - Talbot Underwriting. This follows the syndicate recommencing business for 2002.
The syndicate was reactivated with backing from venture capitalists and insurance companies following the Alleghany Corporation's decision to put Alleghany Syndicate 376 into run off at the end of last year.
Moody's said: "The syndicate has been assigned a B (average) performance rating with a positive outlook, reflecting the view that the syndicate will at least perform in line with the market over the cycle and the current uncertainties surrounding the ability of the syndicate to outperform the market over the cycle."
