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LLOYD’S UPDATE - 2009 RESULTS & 2010 CAPACITY

Appendix 3

Lloyd’s Market and Syndicate Ratings

The Lloyd’s market ratings are shown in Table 10 and apply to all business written by all syndicates, and consequently to all policies issued by Lloyd’s from the 1993 year of account onwards.

Table 10 – Ratings for Lloyd’s Market

A.M. Best Fitch Standard & Poor's

Rating A+ A+ A+

(Excellent)

(Strong)

Outlook Stable Stable Stable

Action Affirmed July 13, 2009 Affirmed July 23, 2009 Affirmed August 12, 2009

Source: Rating Agencies

While all syndicates benefit from the Lloyd’s market ratings above, some syndicates are also rated or graded individually by the rating agencies. Table 11 lists those syndicates which currently carry either an A.M. Best Financial Strength Rating (FSR), Moody’s Continuity Opinion (CO) and/or Lloyd’s Syndicate Assessment (LSA) grade by Standard & Poor’s. The major syndicates of each of the listed integrated Lloyd’s vehicles (ILVs) are highlighted.

Syndicate Number

Managing Agent

A.M. Best FSR

Moody’s CO

S&P LSA

33

Hiscox Syndicates Ltd

As

A-

NA

218

Equity Syndicate Management Ltd

NR

A-

NA

260

KGM Underwriting Agencies Ltd

NR

C+

1pi

308

R J Kiln and Co Ltd

NR

B

2pi

318

Beaufort Underwriting Agency Ltd

NR

B+

2pi

382

Hardy (Underwriting Agencies) Ltd

As

B+

3pi

386

QBE Underwriting Ltd

NR

A

5/Stable

435

Faraday Underwriting Ltd

NR

B+

3pi

457

Munich Re Underwriting Ltd

NR

B

3pi

510

R J Kiln and Co Ltd

As

A-

4pi

557

R J Kiln and Co Ltd

NR

A-

3pi

570

Atrium Underwriters Ltd

As

A-

NA

609

Atrium Underwriters Ltd

As

A-

NA

623

Beazley Furlonge Ltd

As

A-

4/Stable

727

S A Meacock & Co Ltd

NR

B

2pi

779

Jubilee Managing Agency Ltd

NR

B+

2pi

780

Advent Underwriting Ltd

NR

B-

2+/Stable

807

R J Kiln and Co Ltd

NR

B

3pi

958

Omega Underwriting Agents Ltd

As

B+

3pi

1084

Chaucer Syndicates Ltd

As

B+

3/Stable

1176

Chaucer Syndicates Ltd

NR

A-

3pi

Table 11 – Current Lloyd’s Syndicate Ratings

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