Fitch Affirms Lloyd's IFS Rating at A+
Fri 22 Jul 2011
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Fitch Ratings has announced its reaffirmation of Lloyd's 'A+' rating, the Society of Lloyd's 'A' rating and Lloyd’s Insurance Company (China) A+ evaluations, reflecting the strong financial profile of Lloyd’s, which, according to Fitch, has successfully withstood the unprecedented catastrophe losses sustained by the insurance industry during Q1 2011. The outlook on all ratings is stable.
Fitch highlighted Lloyd’s strong capital position and the conservative allocation of both several and mutual assets are also viewed as positive rating factors. In addition, the work of the Performance Management Directorate is considered to be a key mechanism is stabilising the earnings of the Lloyd's market.
“While Fitch anticipates that Lloyd's results will be weaker for the 2011 financial year, it believes that the market will remain profitable,” says Martyn Street, Director in Fitch’s Insurance Group. “The agency continues to view Lloyd’s earnings resilience to events such as those that occurred at the start of 2011 as the primary driver for Lloyd’s rating,” Street added.
The press release can be accessed here.
The Fitch decision comes a week after A.M. Best affirmed the financial strength rating of Lloyd's as A (Excellent) with a stable outlook.
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