A.M. Best Affirms Ratings of Lloyd's Syndicate 3000.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 of "a" of Lloyd's Syndicate 3000 (United Kingdom), which is managed by Markel Syndicate Management Ltd. The outlook for both ratings is stable. The ratings reflect the syndicate's profitable underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. performance and good business profile as a specialist underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. , as well as the financial strength of the Lloyd's market--currently rated A (Excellent)--which underpins the security of all Lloyd's syndicates. The rating is based on A.M. Best's specific syndicate criteria. (See A.M. Best's Rating 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. Methodology for Lloyd's Syndicates at http://europe.ambest.com/lloydsmethodology.pdf). A.M. Best forecasts a satisfactory return on capacity in 2005 (approximately 5%), which reflects the moderate softening (5%-10%) for the main lines written by the syndicate. For the 2004 open underwriting year, the unprecedented hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
Although the syndicate and Markel International, the other London market operation of Markel North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Insurance Group (the syndicate's parent), share the same underwriting management, the syndicate has a stronger focus on marine (approximately 25% of net written premiums) and has a different geographical exposure in other lines of business, such as professional indemnity and property. In addition, the syndicate was formed in 2002 and has not experienced any adverse reserve development for previous underwriting years. Gross premium income is likely to remain stable for the 2005 underwriting year at approximately 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. 145 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. 259.8 million) due to withdrawal from some business lines (aviation), which is likely to be compensated by the expansion in new regions (Canada). A.M. Best believes the syndicate's parent is committed to the syndicate as its main operation for marine and for those markets where the Lloyd's brand has strong recognition. For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://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 http://www.ambest.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion