AM Best Affirms Credit Ratings of Lloyd’s Syndicate 2001

LONDON–(BUSINESS WIRE)–#insuranceAM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Lloyd’s Syndicate 2001 (Syndicate 2001) (United Kingdom), which is managed by MS Amlin Underwriting Limited (MS AUL). The outlook of these Credit Ratings (ratings) is stable.

The ratings of Syndicate 2001 reflect the balance sheet strength of the Lloyd’s market, which AM Best assesses as very strong, as well as the market’s strong operating performance, favourable business profile and appropriate enterprise risk management. The Lloyd’s market rating is the floor for all syndicate ratings, reflecting the Lloyd’s chain of security, and, in particular, the role of the Central Fund, which partially mutualises capital at the market level.

Syndicate 2001’s operating performance improved in 2021, demonstrated by a profit for the year of GBP 7.9 million, compared with a loss of GBP 178.1 million in 2020. The syndicate’s loss ratio decreased from 76.3% in 2020 to 59.3% in 2021, with the primary difference being the initial COVID-19 related losses recognised in 2020. The combined ratio decreased by approximately 17 percentage points to 102%. Despite the improvement in total earnings and underwriting performance, the syndicate’s recent operating performance remains weaker than that of the overall Lloyd’s market.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Barnaby Unwin Hoskins
Financial Analyst
+44 20 7397 0327
barnaby.unwinhoskins@ambest.com

Tim Prince
Director, Analytics
+44 20 7397 0320
timothy.prince@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

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