Lloyd’s financial strength rating affirmed
A.M. Best Co has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a+” for Lloyd’s of London and Lloyd’s Reinsurance Company (China) Limited.
The credit rating agency also expects the London market to maintain its strong capitalisation “despite anticipated deterioration in performance during the current more challenging phase in the insurance cycle”, and describes the potential for large drawdowns on central fund assets as “modest”.
However, 2010 performance is likely to fall short of the “excellent level achieved in 2009″ particularly in view of the Chilean earthquake and Deepwater Horizon oil rig catastrophes.
The report sums up: “Lloyd’s benefits from an excellent position in the global insurance and reinsurance markets as a specialist provider of property and casualty business.
“Its competitive strength derives from its reputation for underwriting expertise, innovation and flexibility, while its network of licences provides access to a wide international client base.”
Category: Companies News, Financials, Insurance News
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