Lloyd’s financial rating upgraded by S&P
Posted 14/12/2023 – Quick takes
S&P upgraded its financial strength rating for Lloyd’s of London. Lloyd’s was previously rated ‘A+’ however this has now improved to ‘AA-‘. The balance sheet was also rated by S&P as ‘excellent’ with both investments and underwriting being profitable.
Lloyd’s CFO, Burkhard Keese said “This latest upgrade reinforces Lloyd’s financial strength and resilience, and is a welcome testament to progress made in recent years to improve performance and strengthen Lloyd’s balance street. Financial strength ratings are vital indicators to our customers, our market, and our investors. This upgrade provides a renewed optimism that we will continue on our positive financial trajectory and deliver a strong financial outlook for 2023”.
It is very positive that S&P has upgraded Lloyd’s credit rating. The remediation work conducted by Lloyd’s in previous years is now being realised in its recent 2023 half year results and three year accounted open year forecasts. To see this work being commended by S&P is excellent and evidences the confidence that S&P has in the current state of the market.