Syndicate Research Limited (SRL)

Continuity Opinion Actions August - December 2018:

AmTrust syndicate 1861
September 14 2018 – B-^ (Below Average) Continuity Opinion assigned to Lloyd's syndicate 1861 (AmTrust Syndicates Limited). Under SRL’s Continuity Opinion methodology the scorecard assessment for the combined syndicate’s operation is in the B- (s) range. The outlook for the Continuity Opinion is stable.

Markel syndicate 3000
September 14 2018 – A-^ (Good), negative outlook, Continuity Opinion of Lloyd's syndicate 3000 (Markel Syndicate Management Limited) downgraded to B+^ (Above Average) in light of reduced profitability in recent years. Outlook changed to stable.

Travelers syndicate 5000
September 14 2018 – B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 5000 (Travelers Syndicate Management Limited) affirmed. Outlook changed from stable to negative in light of recent underperformance relative to its B+ Continuity Opinion peer group.

Catlin syndicate 2003
November 20 2018 – A-^ (Good) Continuity Opinion of Lloyd's syndicate 2003 (Catlin Underwriting Agencies Limited) affirmed. Outlook changed from stable to negative in light of the syndicate’s recent 5-year average performance relative to its Continuity Opinion peer group.

MS Amlin syndicate 2001
November 26 2018 – B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 2001 (MS Amlin Underwriting Limited) confirmed following a review for possible downgrade. Outlook changed to negative, despite the material benefit of the syndicate’s group backing, reflecting SRL’s view of the difficulty in turning round an operation of the syndicate’s size and the potential for its results to continue to be in line with the B- (Below Average) Continuity Opinion peer group.

Syndicate Research Limited (SRL) provides independent research on all active syndicates trading at Lloyd’s. SRL’s Continuity Opinions are opinions on individual Lloyd’s syndicates’ relative, potential continuity prospects for policyholders.

In October 2014 SRL took on the rights to the Continuity Opinions previously offered under Moody’s Analytics Lloyd’s Market service.

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