Fitch Ratings has reaffirmed Lloyd's 'A+' rating, reflecting the strong financial profile of Lloyd’s, which, according to Fitch, has successfully withstood the unprecedented catastrophe losses sustained by the insurance industry during Q1 2011. The outlook on all ratings is stable.
Fitch highlighted Lloyd’s strong capital position and the conservative allocation of both several and mutual assets are also viewed as positive rating factors.
Martyn Street of Fitch says, “We anticipate that Lloyd's results will be weaker for the 2011 financial year, but the market will remain profitable. The agency continues to view Lloyd’s earnings resilience to events such as those that occurred at the start of 2011 as the primary driver for Lloyd’s rating.”
A M Best has also affirmed the financial strength rating of Lloyd's as A (Excellent) with a stable outlook.