Moody’s has upgraded the insurance financial strength rating for Amlin Underwriting’s Lloyd’s Syndicate 2001 from A2 to A1, with a stable outlook.
Moody’s said the rating action ended the review for possible upgrade which began in March following the announcement of the syndicate’s results for the 2001 year of account and forecasts for 2002 and 2003.
The rating agency said that the upgrade reflects the significant out-performance by syndicate 2001 for the 2000 and 2001 years of account, the very positive and improving earnings outlook from the 2002 year of account, and the significant improvement in the financial profile of Amlin.
Moody's said it believes that syndicate 2001, with its good franchise, capital support and its diverse book of business, is in a strong position to deliver good earnings for the foreseeable future.
Furthermore, the rating agency said it expects that the syndicate, with its sound management controls, will continue to deliver above-average performance over the underwriting cycle, notwithstanding the potential volatility of some of the syndicate's business lines.
Syndicate 2001 is a £1bn composite syndicate 100% backed by Amlin plc.
