* 'Solvency Condition' will be met if the ratio of Capital and Reserves to Net Premiums Written is equal to or exceeds 35%
# Following a change in Fitch's rating methodology for hybrid securities, Fitch formally announced that it had downgraded all hybrid debt securities for insurance institutions (reviewing 104 separate companies, encompassing 209 securities). As a result of this change in rating methodology, Lloyd's three debt issues were also downgraded by one notch (previously A-) on 29 January 2010.
The 'Solvency Condition' for interest deferral on the Subordinated Debt was defined in the Prospectus, Nov 2004 and Jun 2007, as the ratio of "Capital and Reserves" to "Net Premiums Written"
