Moody's has assigned a positive outlook to the B (average) performance rating of Syndicate 318, managed by Beaufort Underwriting Agency.
It said the action followed the publication of the syndicate's results for the 2001 year of account.
The ratings agency said that the main ratings issues would include the likely effectiveness of management controls within the independent business following its recent management buy-out.
The extent of the syndicate's reliance on reinsurance and the agency's strategy for developing the syndicate into an established business will also be important ratings issues, it said.
Beaufort Syndicate 318 is a short-tail property orientated syndicate backed predominantly by third-party capital.
