Moody’s has upgraded the performance rating of Atrium underwriters’ Lloyd’s Syndicate 609 to A (very good).
The rating has been given a stable outlook, said Moody’s.
It said the upgrade reflected its expectation that the marine syndicate would continue to significantly outperform the market over the cycle and that it would offer very good continuity characteristics based on strong market support.
Moody’s said the rating was based on the syndicate’s strong underwriting team, with strength in depth, the diverse portfolio of business and the management of that portfolio over the cycle.
It expects the syndicate to eventually record results in excess of the current mid-point forecasts for 2002 and 2003, and that a similar result, assuming a “normal” loss year, will be achieved for 2004, said the ratings agency.
