The ratings were placed under review with developing implications following the announcement in
The downgrade of the ratings of Lloyd’s Syndicate 2001 primarily reflects the view that its technical performance is no longer supportive of the Long-Term ICR of “aa-” (one notch above the Long-Term ICR of the Lloyd’s market). The syndicate reported an underwriting loss in 2011 and performance has not returned to the strong level anticipated by
The syndicate continues to benefit from a strong business profile as one of the largest Lloyd’s syndicates. MS&AD’s Lloyd’s Syndicate 3210 was merged into Syndicate 2001 for the 2017 year of account. In addition, the syndicate’s ratings benefit from the financial strength of Lloyd’s, which underpins the security of all syndicates. Financial flexibility is enhanced by MS&AD, the ultimate parent of its corporate member.
The downgrade of
The rating affirmations of
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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