SRL Continuity Opinion Changes: Lloyd’s Syndicates (Markel, MS Amlin, Novae, S A Meacock, Sompo Canopius)

LONDON--()--Syndicate Research Limited (SRL)

Continuity Opinion Actions April - July 2017:

Meacock syndicate 727

July 27 2017 – B (Average) Continuity Opinion of Lloyd's syndicate 727 (S A Meacock & Company Limited) affirmed; outlook changed to positive following the appointment of the active underwriter’s son, James Meacock, as an executive director in the agency and with a clearer succession plan now evident in the family owned business.

MS Amlin syndicate 2001

April 26 2017 – A^ (Very Good) Continuity Opinion of Lloyd's syndicate 2001 (MS Amlin Underwriting Limited) downgraded to A-^ (Good) in light of the syndicate’s continued underperformance relative to its Continuity Opinion peer group, with its 2016 result materially below expectations. The outlook for the Continuity Opinion is currently stable.

Novae syndicate 2007

July 18 2017 – the review status of the B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 2007 (Novae Syndicates Limited) amended from under review for possible downgrade to under review direction uncertain. This followed the announcement that Axis Capital Holdings was due to acquire Novae Group plc in Q4 2017, subject to regulatory approval, and that syndicate 2007 and Axis syndicate 1686 would then be merged.

Syndicate 2007’s Continuity Opinion had previously been placed under review for possible downgrade on 1st June 2017 following significant changes in the book of business and in light of concerns over the potential for syndicate 2007’s main capital provider’s significant underwriting leverage to affect the ongoing business.

Markel syndicate 3000

July 27 2017 – A-^ (Good) Continuity Opinion of Lloyd's syndicate 3000 (Markel Syndicate Management Limited) affirmed; outlook changed to negative in light of reduced profitability in recent years.

Sompo Canopius syndicate 4444

July 27 2017 – B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 4444 (Canopius Managing Agents Limited) affirmed; outlook changed to negative after publication of its 2016 annual results and confirmation that a management buy-out is one of the main options for Sompo Canopius following Sompo Holdings Inc’s acquisition of Endurance Specialty Holdings.

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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