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Lloyd’s financial strength rating upgraded by Standard and Poor’s (S&P)

13 Dec 2023

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announces that ratings agency Standard & Poor’s (S&P), has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable.

The rating upgrade reflects the improvement in Lloyd’s balance sheet strength, which S&P has assessed to be ‘excellent’, as well as Lloyd’s very strong capital and solvency positions with profitability in both underwriting and investments, and strong premium growth evidenced in Lloyd’s 2023 Half Year Results published in September this year.

In the update, S&P highlight the corrective underwriting actions taken by Lloyd’s in recent years - focused on robust underwriting discipline through better oversight of syndicates - as a key reason for Lloyd’s improved performance.

“This latest upgrade reinforces Lloyd’s financial strength and resilience, and is a welcome testament to the progress made in recent years to improve performance and strengthen Lloyd’s balance sheet. Financial strength ratings are vital indicators to our customers, our market, and our investors. This upgrade provides a renewed optimism that we will continue on our positive financial trajectory and deliver a strong financial outlook for 2023.”
Burkhard Keese, Lloyd’s CFO

Lloyd's will issue its 2023 Full-Year Financial Results on 28 March 2024.

Notes to Editors

Lloyd’s financial strength ratings are AA- stable outlook with Standard & Poor’s (S&P), A (Excellent) positive outlook with A.M. Best, AA- (Very Strong) with Fitch Ratings, AA- (strong) stable outlook with Kroll Bond Rating Agency (KBRA).

You can view Lloyd’s 2023 Half Year Financial Results here.

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About Lloyd’s

Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.