Moody's has placed the A- (good) performance rating of St Paul Syndicate Management's Syndicate 779 on review for a possible downgrade.
It said the rating was placed under review due to the syndicate's management instituting a review of the personal lines business written by the agency.
St Paul life Syndicate 779 is the main life syndicate operating in the Lloyd's market, with a 2004 capacity of £30m, said Moody's.
Income is sourced via St Paul personal lines unit Cassidy Davis Insurance Services and Lutine Assurance.
Insurance Times reported on 3 June that St Paul had initiated a review of its personal lines operations, with plans dispose of credit protection, credit card affinity schemes and term life divisions.
The company did not comment on why the review had been initiated, but it said a decision would be made “before the autumn”.
Moody's said the review reflected uncertainties over the ultimate management and strategic direction of the syndicate, and the potential for the syndicate's business to be sold or merged into another syndicate should the operation be considered non-core by St Paul.
The rating review will focus on potential future management changes as well as the potential for the syndicate's business to be affected by a protracted management review process.
