Research Update: Advent Syndicate 0780 Lloyd's Syndicate Assessment Raised To '2+'; Off Watch Pos; Outlook Stable
Standard & Poors, August 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Abstract
The capital provider for Advent Underwriting - Syndicate 0780 (the syndicate), Advent Capital (Holdings) PLC (Advent; not rated), was subject to an offer to minority shareholders by Fairfax Financial Holdings Ltd. (Fairfax; BBB-/Stable/--). Following the completion of the offer period, sufficient acceptances have been received for us to believe that, subject to regulatory approval, the transaction will complete in line with our previous expectations. We are raising the Lloyd's Syndicate Assessment on the syndicate to '2+' from '2'. The stable outlook reflects our expectation that the syndicate will maintain strong capitalization and an adequate competitive position, but with below-average long-term operating performance. On Aug. 27, 2009, Standard & Poor's Ratings Services raised its Lloyd's Syndicate Assessment (LSA) on Advent Underwriting...
Companies mentioned in this report are: Advent Underwriting - Syndicate 0780,Lloyd's,Fairfax Financial Holdings Ltd.
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
Advent Underwriting - Syndicate 0780,Lloyd's,Fairfax Financial Holdings Ltd.
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