A.M. Best affirms Lloyd's 'A' rating
Fri 27 Jul 2012
The affirmation confirms that Lloyd’s capitalisation is expected to remain strong into 2013, with a stable central capital base, close monitoring of syndicate performance, excellent global position in the insurance and reinsurance markets and good financial flexibility.
A.M. Best’s decision comes despite Lloyd’s market pre-tax losses at year-end 2011, largely due to a number of major natural catastrophes during that year.
Luke Savage, Lloyd’s Finance Director, said: “We are pleased that A.M. Best has re-affirmed our rating and continues to recognise Lloyd’s strong capitalisation, excellent industry position and robust approach to setting capital. This is a very positive assessment and reflects well on Lloyd's security and prospects.”
Looking forward, A.M. Best expects Lloyd’s to achieve a good profit in 2012 with the support of prior year surpluses and investment earnings. They believe that the size of the Lloyd’s market and its unique capital structure allow it to compete effectively with large international insurance groups under the Lloyd’s brand.
This is the eighth year in succession that A.M. Best has maintained its’ A (Excellent) rating of Lloyd’s.
Read the full statement on Lloyd's ratings.