AM Best Withdraws Credit Ratings of Lloyd’s Syndicate 510
The Lloyd’s market rating is the floor for all syndicate ratings, reflecting the Lloyd’s chain of security and, in particular, the role of the
For the 2019 year of account, the syndicate’s capacity was maintained at
The syndicate’s recent technical performance has been broadly in line with the overall Lloyd’s market, demonstrated by a five-year weighted average combined ratio of 98% (2014-2018). In 2018, Syndicate 510 recorded a combined ratio of 103%, affected by catastrophe losses in
The business profile of all syndicates is linked inextricably to that of Lloyd’s, which has a strong position in the global general insurance and reinsurance markets. The collective size of the Lloyd’s market allows Syndicate 510 to compete under the Lloyd’s brand with international groups. Syndicate 510 is one of the largest syndicates at Lloyd’s, ranking seventh based on 2018 gross written premiums. It writes a diversified portfolio by geography and line of business comprising property and special lines, marine and special risks, enterprise risk, accident and health, reinsurance and aviation.
This press release relates to Credit Ratings that have been published on AM 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 AM 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. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Laura Balkarova
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Source: AM Best
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