Syndicate Research Limited (SRL)
Actions February 2016:
Munich Re syndicate 457
February 12 2016 B+ (Above Average) Continuity Opinion of Lloyd's syndicate 457 (Munich Re Syndicate Limited) upgraded to A- (Good) following Munich Reinsurance Company rebranding the syndicate's managing agency Munich Re Syndicate from January 2016 and confirming that the syndicate was viewed as strategically important to the group. Outlook stable.
Amlin syndicate 2001:
February 10 2016 A^ (Very Good), under review direction uncertain, Continuity Opinion of Lloyd's syndicate 2001 (Amlin Underwriting Limited) affirmed following Mitsui Sumitomo Underwriting at Lloyd's acquisition of Amlin plc. Outlook changed to stable.
Mitsui Sumitomo syndicate 3210:
February 10 2016 B+ (Above Average), under review for possible downgrade, Continuity Opinion of Lloyd's syndicate 3210 (Mitsui Sumitomo Underwriting at Lloyd's Limited) downgraded to B (Average) following Mitsui Sumitomo Insurance Company Limited's (MSI) acquisition of Amlin plc, which backs Lloyd's syndicate 2001; outlook changed to stable.
The downgrade reflects SRL's view on the potential impact of the proposed acquisition on continuity of relationships for policyholders with the current underwriting team at syndicate 3210. Existing MSI operations are due to be merged under Amlin management, with there being an overlap in nearly all lines of business written by s.3210 with those of Amlin s.2001.
Actions July December 2015:
ANV syndicate 779; November 26 2015 B (Average) Continuity Opinion affirmed; outlook changed to negative.
Cathedral syndicate 2010; July 24 2015 B+ (Above Average) Continuity Opinion assigned; outlook stable.
Asta syndicate 2525; July 24 2015 B (Average), under review for possible upgrade, Continuity Opinion upgraded to B+ (Above Average); outlook stable.
Tokio Marine Kiln syndicate 557; July 24 2015 B+ (Above Average) Continuity Opinion affirmed; outlook changed to stable.
QBE syndicate 386; July 9 2015 A (Very Good) Continuity Opinion downgraded to A- (Good); outlook changed from negative to stable.
Syndicate Research Limited (SRL) provides independent research on all active syndicates trading at Lloyd's. SRL's Continuity Opinions are opinions on individual Lloyd's syndicates' relative, potential continuity prospects for policyholders.
SRL took on the rights to the Continuity Opinions previously offered under Moody's Analytics Lloyd's Market service in October 2014.
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