International financial rating agency Standard & Poor’s reaffirmed Lloyd’s overall A- insurer financial strength rating, and also ranked 95 of the 123 Lloyd’s syndicates, giving 11 of them it’s highest “five bell” status.
Syndicate No. 1176, managed by L.G. Cox, which deals in non-Marine products, retained the first place status it held last year. The Syndicate’s capacity is small, £4.48 million ($6.72 million), by Lloyd’s standards, where the average capacity is £82 million ($123 million) with the largest syndicates having a capacity of over £600 million ($900 million).
S & P has indicated that it is exploring ways to expand its ratings for the Lloyd’s syndicates. “We have met virtually every managing agent over the past four or five months where we have been talking about the Lloyd’s Syndicate Performance Measure service. At a number of those meetings the syndicates have raised the prospect of stand-alone ratings with us,” Kevin Willis, S&P’s director of insurance ratings told Reuters News Service.
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