Moody's Investor Services has upgraded the performance rating of Syndicate 4444, managed by Canopius Managing Agents, from C (below average) to B- (below average).
It also confirmed the performance rating of Canopius Syndicate 44 as C+ (below average).
Both Syndicate 4444 and 44 have been assigned stable ratings outlooks. The ratings actions were taken after confirmation of the syndicate's backing for 2004.
Syndicate 4444, previously numbered 839, was until recently backed by Trenwick group. It was downgraded to a C (below average) rating in June 2003 due to uncertainty over its future capital support.
Moody's said following confirmation of the syndicate's backing for 2004, it expected that Syndicate 4444 would be able to write a profitable book for 2004, despite some concerns over the quantum and quality of business that may be written.
