Research Update: Lloyd's Syndicate Assessment On Catlin's Syndicate 2003 Revised To '4+' After LSA Criteria Change; Outlook Stable Dec 13
- Language: English
- Published: December 2013
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Product Type: Research Update
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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
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Advent Underwriting - Syndicate 0780,Lloyd's,Fairfax Financial Holdings Ltd.