Continuity Opinion Actions August December 2017:
Tokio Marine Kiln syndicate 308
October 30 2017 B (Average) Continuity Opinion of Lloyd's syndicate 308 (Tokio Marine Kiln Syndicates Limited) downgraded to C^ (Below Average) following the announcement that its main supporter Tokio Marine Holdings had withdrawn support for 2018 and Tokio Marine Kiln Syndicates (TMK) had applied to Lloyd's to cease accepting new or renewal business.
The Continuity Opinion was subsequently withdrawn in December 2017 on confirmation that the syndicate was to cease trading for 2018.
Beaufort syndicate 318
November 24 2017 B+ (Above Average) Continuity Opinion of Lloyd's syndicate 318 (Beaufort Underwriting Agency Limited) downgraded to B (Average) in light of a reassessment of likely cross-cycle performance for the syndicate following the Q3 2017 catastrophes and with less emphasis being placed on group support. The outlook for the Continuity Opinion is stable.
Tokio Marine Kiln syndicate 557
November 24 2017 B+ (Above Average) Continuity Opinion of Lloyd's syndicate 557 (Tokio Marine Kiln Syndicates Limited) affirmed; outlook changed to negative following a reassessment of SRL's expectations for potential future cross-cycle returns for the syndicate.
MS Amlin syndicate 2001
November 24 2017 A-^ (Good) Continuity Opinion of Lloyd's syndicate 2001 (MS Amlin Underwriting Limited) affirmed; outlook changed to negative in light of SRL's expectation that the syndicate's recent underperformance relative to its Continuity Opinion peer group is likely to continue for the immediate future.
Novae syndicate 2007
December 5 2017 B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 2007 (Novae Syndicates Limited) confirmed following Axis Capital Holding's acquisition of Novae Group plc and the conclusion of SRL's review. The outlook for the Continuity Opinion is stable.
Sompo Canopius syndicate 4444
September 14 2017 B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 4444 (Canopius Managing Agents Limited) placed under review for possible downgrade following confirmation that Sompo Canopius is due to be acquired by a private equity consortium under a management buy-out, subject to regulatory approval.
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.
In October 2014 SRL took on the rights to the Continuity Opinions previously offered under Moody's Analytics Lloyd's Market service.
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