AM Best Affirms Credit Ratings of Lloyd’s Syndicate 2001

LONDON--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Ratings of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Lloyd’s Syndicate 2001 (Syndicate 2001) (United Kingdom), which is managed by MS Amlin Underwriting Limited (MS Amlin). The outlook of these Credit Ratings (ratings) is stable.

The Lloyd’s market rating is the floor for all syndicate ratings, reflecting Lloyd’s chain of security, and, in particular, the role of the Central Fund, which partially mutualises capital at the market level. The ratings of Syndicate 2001 reflect the balance sheet strength of the Lloyd’s market, which AM Best assesses as very strong, as well as the market’s strong operating performance, very favourable business profile and appropriate enterprise risk management.

Syndicate 2001’s operating performance has improved in recent years, demonstrated by the USD 212 million and USD 257 million profit recorded in 2024 and 2023, respectively. The recovery has been driven by improved underwriting profitability, with the syndicate achieving combined ratios in the mid-to-high 80% range in 2024 and 2023, which followed multiple years of underwriting losses. The recent improvement contributed to the reduction of the syndicate’s five-year (2020-2024) weighted average combined ratio to 97.3%. Despite the recovery in total earnings and underwriting performance, the syndicate’s recent operating performance remains below that of the overall Lloyd’s market.

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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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