Insights
AM Best upgrades the Lloyd’s market financial strength
Posted 07/08/2024 – Insights
AM Best has upgraded Lloyd’s financial strength rating from A (excellent) to A+ (superior).
AM Best reported, “The upgrading of the ratings reflects the Lloyd’s market’s excellent position in the global general insurance and reinsurance markets as a leading writer of specialty property/casualty risks, together with its strengthened balance sheet fundamentals and proven risk management capabilities.”
Burkhard Keese, Lloyd’s Chief Financial Officer, said “Today’s upgrade from AM Best follows that of S&P Global at the end of last year, with both agencies acknowledging the strength and resilience of Lloyd’s balance sheet, its strong operating performance and its leading position as the global specialty insurance and reinsurance market.”
Alpha comment
The upgraded rating from AM Best follows S&P rating increase in May where Lloyd’s rating was improved from A+ to AA-. The rating agency upgrades reflect how well capitalised the Lloyd’s market has become and how much the (re)insurance market has improved. This announcement reinforces the current attractive market conditions.
