Research Update: Lloyd's Syndicate Assessment On Canopius Managing Agents Ltd. - Syndicate 4444 Revised To '2+' From '3-'; Outlook Stable Jan 12

Standard & Poors, January 2012

Abstract
Canopius Group Ltd. (CGL; not rated) is the main capacity provider and the ultimate parent of Canopius Managing Agents - Syndicate 4444 (Canopius, or Syndicate 4444, or the syndicate). In our opinion, CGL's risk-based capital, measured using our model, is significantly below 'BBB' level. Consequently, we are revising our view of the capitalization of Syndicate 4444 to marginal from "adequate", as our criteria define these terms. This downward revision reflects a catastrophe risk charge that is significantly higher than what we previously included in our capital model, and a reduction we anticipate in shareholders' funds, reflecting large losses in 2011. As a result, we are revising downward the Lloyd's Syndicate Assessment on Syndicate 4444 to '2+' from '3-'. The outlook...

Companies mentioned in this report are: Canopius Managing Agents Ltd. - Syndicate 4444,Lloyd's
Action: Downgraded
Action: Outlook: Stable

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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.

Canopius Managing Agents Ltd. - Syndicate 4444,Lloyd's

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