Best Takes Rating Actions on Lloyd’s Syndicates

Following the upgrade of the financial strength rating to “A” (Excellent) from “A-” (Excellent) of Lloyd’s of London and the assignment of an issuer credit rating (ICR) of “a” (See previous article), A.M. Best said it has reviewed all its Best’s Syndicate Ratings and has taken various rating actions.

“These ratings are based on A.M. Best-specific syndicate criteria. (See the rating methodology for Lloyd’s syndicates at www.ambest.com.),” said the announcement.

Best detailed its actions on the individual syndicates as follows:

— The Best’s Syndicate Rating has been upgraded to A (Excellent) from A- (Excellent) and an ICR of “a” has been assigned to Lloyd’s Syndicate 1243. The outlook for both ratings is stable. The ratings reflect the upgrade in the Lloyd’s market rating.
–The Best’s Syndicate Rating has been upgraded to A (Excellent) from A- (Excellent) and an ICR of “a” has been assigned to Lloyd’s Syndicate 2010. The outlook for both ratings is stable. The ratings reflect the upgrade in the Lloyd’s market rating.
–The Best’s Syndicate Rating has been upgraded to A (Excellent) from A- (Excellent) and an ICR of “a” has been assigned to Lloyd’s Syndicate 3000. The outlook for both ratings is stable. The ratings reflect the upgrade in the Lloyd’s market rating.
–The Best’s Syndicate Rating has been upgraded to A (Excellent) from A- (Excellent) and an ICR of “a” has been assigned to Lloyd’s Syndicate 570. The outlook for both ratings is positive. The ratings reflect the upgrade in the Lloyd’s market rating. The positive outlook reflects A.M. Best’s expectation that the syndicate’s future performance is likely to be strong.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 382 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect strong current and expected underwriting performance as well as an excellent niche business profile.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 510 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect A.M. Best’s expectation that the future performance of the syndicate is likely to be strong, as well as financial flexibility from Kiln plc, the ultimate owner of the syndicate’s managing agency.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 609 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect the syndicate’s excellent historic performance and A.M. Best’s expectations for future performance.
–The Best’s Syndicate Ratings of A (Excellent) of Lloyd’s Syndicate 623 and Lloyd’s Syndicate 2623 have been affirmed and issuer credit ratings of “a+” have been assigned. The outlook for these ratings is stable. Syndicates 623 and 2623 underwrite in parallel. The ratings of both syndicates reflect their strong anticipated operating performance and market profile.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 958 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect the syndicate’s excellent and improving profitability and its strong profile in certain specialist markets.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 2001 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect the syndicate’s strong profile as a large composite syndicate and A.M. Best’s expectation that prospective financial performance is likely to be excellent.
–The Best’s Syndicate Rating of A (Excellent) of Lloyd’s Syndicate 2003 has been affirmed and an issuer credit rating of “a+” has been assigned. The outlook for both ratings is stable. The ratings reflect strong anticipated underwriting performance, the syndicate’s excellent profile in the London market and capital flexibility from Catlin Group Limited, the ultimate owner of the syndicate’s managing agency.
–The Best’s Syndicate Rating of A+ (Superior) of Lloyd’s Syndicate 1414 has been affirmed and an issuer credit rating of “aa-” has been assigned. The outlook for both ratings is stable. The ratings reflect explicit support from American Home Assurance Company, excellent expected performance and the excellent profile of the syndicate.