Moody’s has affirmed the A1 insurer financial strength rating for Lloyd’s Syndicate 2020, managed by Wellington Underwriting Agencies. The outlook remains stable.
It said the rating reflects the syndicate’s leading position within the Lloyd’s market, the well-diversified nature of its book of business and the strong underwriting skills and experienced management at Wellington.
The rating also reflects the syndicate's strong historical performance and the expectation that the syndicate will continue to outperform the market, said Moody’s.
Offsetting factors in the rating included the syndicate’s significant reinsurance receivables, the potential volatility of its lines of business, the inherent uncertainties in recent expansion via new teams, and the forthcoming market downturn, the ratings agency said.
Wellington syndicate 2020 is a composite syndicate 56% backed by Wellington underwriting.
