Reinsurance News

SRL makes rating adjustments for Lloyd’s syndicates 4472, 2003

27th July 2020 - Author: Charlie Wood

Syndicate Research Limited (SRL) has provided rating adjustments for Liberty Mutual-owned Lloyd’s syndicate 4472 and AXA’s syndicate 2003.

Syndicate 4472 is ultimately 100% backed by Liberty Mutual and with a 2020 capacity of £1.1bn, writes an Excess of Loss-orientated account.

SRL has affirmed the syndicate’s B+^ (Above Average) Continuity Opinion, while its outlook has been changed from stable to negative.

This outlook change is in light of reduced profitability in recent years and an expectation of reducing investment returns that have historically underpinned its results.

Syndicate 2003 is ultimately 100% backed by AXA with a 2020 capacity of £1.35bn, and writes a composite account with a good franchise in the Lloyd’s market.

In September 2018 AXA acquired XL Group, which had backed syndicate 2003 since its acquisition of Catlin Group in May 2015.

SRL has downgraded the B+^ (Above Average), negative outlook, Continuity Opinion of syndicate 2003 to B^ (Average).

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.

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