LONDON--(BUSINESS WIRE)--A.M. Best has withdrawn the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of Lloyd’s Syndicate 1225 (Syndicate 1225) (United Kingdom), which is managed by AEGIS Managing Agency Limited. The Credit Ratings (ratings) have been withdrawn following management’s request to no longer participate in A.M. Best’s interactive credit rating process.
A final rating opinion for Syndicate 1225 was not produced, as the request to withdraw the ratings preempted A.M. Best’s assessment of the individual building blocks that underpin the ratings of the Lloyd’s market as per the substantially revised Best’s Credit Rating Methodology, which took effect on Oct. 13, 2017. However, A.M. Best notes that the financial strength of the Lloyd’s market underpins the financial strength of all individual Lloyd’s syndicates. Currently, the Lloyd’s market has an FSR of A (Excellent) and a Long-Term ICR of “a+”. As noted, the ratings of the Lloyd’s market act as a floor for the ratings of all individual Lloyd’s syndicates.
In 2017, Syndicate 1225’s underwriting performance was affected negatively by claims from catastrophe events in North America, resulting in a combined ratio of 99% for the year. Accordingly, the net profit decreased to GBP 4.4 million from GBP 56 million in 2016. Overall, Syndicate 1225’s performance has been in line with A.M. Best’s expectations.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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