Syndicate Research Limited (SRL) has provided rating adjustments for Hiscox Syndicates Limited-backed, Lloyd’s syndicate 33.
SRL has downgraded the A (Very Good), negative outlook, Continuity Opinion of Lloyd’s syndicate 33 to an A- (Good) rating.
The downgrade comes in light of the syndicate’s more recent performance aligning the its overall scorecard assessment with the top of the A- (Good) peer group. The outlook for the Continuity Opinion is stable.
Syndicate 33 is 72.5% backed by Hiscox Limited and 27.5% by third party support, and has a 2020 capacity of £1.7 billion and writes a non-marine, short-tail orientated account.
This change was prompted by the syndicate’s recent 5-year average performance relative to its Continuity Opinion peer group. The outlook for the Continuity Opinion is stable.
Syndicate 33’s A- (Good), stable outlook, Continuity Opinion reflects SRL’s view of relative performance and continuity prospects for the syndicate over the insurance cycle.