A.M. Best Co. has affirmed the Best's Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a” of Lloyd's Syndicate 1084 (United Kingdom). At the same time, A.M. Best has affirmed the ICR of “bbb-” of Chaucer Holdings Plc (United Kingdom), the ultimate parent company of the syndicate's managing agency, Chaucer Syndicates Limited (CSL). The “bb+” rating of the £20m subordinated convertible 8.5% 2008 loan stock of Chaucer Holdings Plc has also been affirmed. The outlook for all ratings remains stable.
The syndicate's ratings reflect its excellent business profile and very good prospective operating performance. Additionally, the syndicate benefits from the financial strength of the Lloyd's market rating, which underpins the security of all Lloyd's syndicates.
A.M. Best believes the syndicate has an excellent business profile within Lloyd's, writing a well-diversified portfolio, both in terms of the territories and classes of business written. The syndicate has six underwriting divisions that write an international account in the United Kingdom, continental Europe, Asia, Australasia and North America. A.M. Best believes that the syndicate's profile is also supported by its leadership position on a substantial proportion of its business (anticipated 20% of 2005 gross premium income).
