Moody’s Investors Service awarded Syndicate 2488, managed by ACE Global Markets, a Financial Strength Rating (FSR) of Aa2 (Excellent). This marks the first time that a Lloyd’s syndicate has been rated and “is directly comparable with those of other insurance entities around the globe,” said an ACE press release.
Syndicate 2488 is currently the largest single syndicate at Lloyd’s with a capacity of £600 million ($894 million), 84 percent of which is provided by the ACE Group. It has also received the highest “five bell” rating from Standard & Poor’s.
ACE Global Markets CEO John Charman was obviously pleased. “We fully support the move by independent agencies to rate individual syndicates within the Lloyd’s Market,” he said. Charman noted that ACE’s financial strength and the level of participation in the syndicate were the primary reasons for the Aa2 rating, saying, ” We strongly believe that these factors differentiate us from the rest of the market, and we are delighted that Moody’s have extended their established and widely recognized insurance rating mechanism to Lloyd’s syndicates.”
Topics Excess Surplus Lloyd's
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