A.M. Best Affirms Ratings of Lloyd's Syndicate 1084 and Chaucer Holdings Plc.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the Best's Syndicate Rating of A (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of Lloyd's Syndicate 1084 (United Kingdom). At the same time, A.M. Best has affirmed the ICR of "bbb-" of Chaucer Holdings Plc, the ultimate parent company of the syndicate's managing agency, Chaucer Syndicates Limited (CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. ), and the debt rating of "bb+" on the GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 20 million subordinated convertible 8.5% 2008 loan stock of Chaucer Holdings Plc. The outlook for all ratings remains stable. The syndicate benefits from the financial strength of the Lloyd's market, which underpins the security of all Lloyd's syndicates. The ratings are based on A.M. Best's specific syndicate criteria. The ratings also reflect the syndicate's strong prospective operating performance. A.M. Best anticipates adequate performance at near break-even when the 2005 year of account is closed, reflecting substantial losses from the U.S. hurricanes. However, a return to strong profitability is anticipated in 2006 (15% return on capacity anticipated subject to full year catastrophe experience), reflecting improvement in rates for several of the syndicate's specialist lines of business. The syndicate is likely to particularly benefit from market firming for U.S. property, marine excess of loss and marine energy business. A.M. Best believes that syndicate 1084 has an excellent business profile within Lloyd's, supported by its leadership position on a substantial proportion of its business (anticipated to be 45% of 2006 gross premium income). CSL is the third-largest managing agent within Lloyd's (as measured by its managed capacity of GBP 919 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1,700 million) in 2006) and underwrites a well diversified diversified (di·verˑ·s international account. For Best's Debt Ratings, all other Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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