AM Best Affirms Credit Ratings of Lloyd’s Syndicates 623, 2623, 3623 and 3622

LONDON--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Lloyd’s Syndicate 2623, Lloyd’s Syndicate 623, Lloyd’s Syndicate 3623 and Lloyd’s Syndicate 3622 (Syndicates) (United Kingdom), which are managed by Beazley Furlonge Limited (Beazley). 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 the Syndicates 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.

The capital of Syndicates 2623, 3623, and 3622 is provided by Beazley via its corporate member, whilst Syndicate 623 is supported by third-party capital.

Syndicates 2623 and 623 have a record of good performance and maintain a resilient position in the Lloyd’s market. Together, they underwrite business at Lloyd’s in parallel, with their shares of combined business split according to each syndicate’s portion of overall combined capacity. Syndicate 3622 ranks as one of the smallest syndicates at Lloyd’s, with its core lines of business being life insurance and reinsurance, whilst Syndicate 3623 writes a diversified portfolio by geography and line of business.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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