SRL Continuity Opinion Changes: Lloyd’s Syndicates (Argo, Hardy, Markel, MS Amlin, Cincinnati, Catlin, Hiscox, Faraday, Travelers)

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LONDON, October 25, 2021--(BUSINESS WIRE)--Syndicate Research Limited (SRL)

Continuity Opinion Actions September 2020 – October 2021:

Argo syndicate 1200
October 6 2021 – B- (Below Average), negative outlook, Continuity Opinion of syndicate 1200 downgraded to C+ (Below Average) and placed under review for possible downgrade due to increased concerns over its supporting group’s long-term commitment to the business.

Hardy syndicate 382
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une 18 2021 – B^ (Average), negative outlook, Continuity Opinion of syndicate 382 downgraded to B-^ (Below Average) with the syndicate’s 5-year average performance remaining in line with benchmarks for the B- Continuity Opinion peer group. Outlook stable.

Markel syndicate 3000
June 18 2021 – B+^ (Above Average), negative outlook, Continuity Opinion of syndicate 3000 downgraded to B^ (Average) following reduced profitability in recent years and the expectation of reducing investment returns that have historically underpinned its results. Outlook stable.

MS Amlin syndicate 2001
June 15 2021 – B+^ (Above Average) Continuity Opinion of syndicate 2001 downgraded to B (Average) due to continued underperformance relative to its Continuity Opinion peer group. Outlook negative.

Cincinnati syndicate 318
June 14 2021 – B (Average) Continuity Opinion of syndicate 318 affirmed. Outlook changed to negative following more recent years’ underwriting results.

Catlin syndicate 2003
June 14 2021 – B^ (Average) Continuity Opinion of syndicate 2003 affirmed. Outlook changed to negative following recent underwriting results.

Hiscox syndicate 33
October 9 2020 – A (Very Good), negative outlook, Continuity Opinion of syndicate 33 downgraded to A- (Good) as the syndicate’s more recent performance aligns the syndicate’s overall scorecard assessment with the A- (Good) peer group. Outlook stable.

Faraday syndicate 435
October 9 2020 – A-^ (Good) Continuity Opinion of syndicate 435 affirmed. Outlook changed to negative due to its more recent performance aligning the syndicate’s overall scorecard assessment with the B+ (Above Average) peer group.

Travelers syndicate 5000
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eptember 4 2020 – B^ (Average) Continuity Opinion of syndicate 5000 confirmed following the conclusion of a review for possible downgrade. Outlook changed to negative in light of the syndicate’s continuing underperformance relative to its Continuity Opinion peer group.

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.

More information available at www.syndicateresearch.com

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