A.M. Best Affirms Ratings of Lloyd’s Syndicate 510

LONDON--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a+” of Lloyd’s Syndicate 510 (United Kingdom), which is managed by Tokio Marine Kiln Syndicates Limited (TMKS). The outlook for both ratings remains positive.

The ratings and outlook of Syndicate 510 reflect the financial strength of Lloyd’s, which underpins the security of all Lloyd’s syndicates. In addition, the ratings factor in the syndicate’s track record of strong underwriting performance and its robust business profile. The syndicate benefits from its association with Tokio Marine Holdings, Inc. (Tokio Marine), which is the ultimate parent of TMKS, and the syndicate’s main corporate member, Tokio Marine Underwriting Limited (TMUL). For the 2015 year of account, capacity is unchanged at GBP 1,064 million, 55% of which is provided by TMUL. The remaining 45% is provided by third parties.

Syndicate 510 has a track record of strong underwriting performance, as demonstrated by a five-year average combined ratio of 90% (2010-2014). However, technical performance is subject to volatility, due to exposure to catastrophe risks. In 2014, on an annually accounted basis, the syndicate reported an excellent pre-tax profit of GBP 118 million (2013: GBP 119 million), reflecting benign catastrophe experience and continuation of positive reserve development.

The syndicate has a robust business profile, with a strong presence in the Lloyd’s market. It also benefits from its affiliation with the Tokio Marine and Kiln brands, which were more closely aligned in January 2014 by the formation of Tokio Marine Kiln Group Limited. The syndicate writes a diversified portfolio by territory and line of business, comprising short-tail property and marine, political, aviation, accident and health and reinsurance risks.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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A.M. Best Co.

Alvise Argenton
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Jim Peavy
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Source: A.M. Best Co.