Following its decision to upgrade the financial strength rating for Lloyd's, AM Best has taken a variety of ratings actions for Lloyd's syndicates.
· The rating has been upgraded to A (excellent) from A- (excellent) and an ICR of “a” has been assigned to Syndicate 1243. The outlook for both ratings is stable.
· The rating has been upgraded to A (excellent) from A- (excellent) and an ICR of “a” has been assigned to Syndicate 2010. The outlook for both ratings is stable.
· The rating has been upgraded to A (excellent) from A- (excellent) and an ICR of “a” has been assigned to Syndicate 3000. The outlook for both ratings is stable.
· The rating has been upgraded to A (excellent) from A- (excellent) and an ICR of “a” has been assigned to Syndicate 570. The outlook for both ratings is positive.
The positive outlook reflects AM Best's expectation that the syndicate's future performance is likely to be strong.
· The rating of A (excellent) of 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 rating of A (excellent) of 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 AM Best's expectation that the future performance of the syndicate is likely to be strong, as well as financial flexibility from RJ Kiln, the ultimate owner of the syndicate's managing agency.
· The rating of A (excellent) of 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 AM Best's expectations for future performance.
· The ratings of A (excellent) of Syndicate 623 and 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 rating of A (excellent) of 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 rating of A (excellent) of 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 AM Best's expectation that prospective financial performance is likely to be excellent.
· The rating of A (excellent) of 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, the ultimate owner of the syndicate's managing agency.
· The rating of A+ (Superior) of 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.
AM Best upgraded the financial strength rating for Lloyd's from A- (excellent) to A (excellent).
