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SRL Continuity Opinion Changes: Lloyd's Syndicates (Argo, Canopius, The Hartford, Tokio Marine Kiln)
[March 24, 2020]

SRL Continuity Opinion Changes: Lloyd's Syndicates (Argo, Canopius, The Hartford, Tokio Marine Kiln)


Syndicate Research Limited (SRL)

Continuity Opinion Actions October 2019 - February 2020:

Argo syndicate 1200
February 28 2020 - B (Average), negative outlook, Continuity Opinion of Lloyd's syndicate 1200 (Argo Managing Agency) placed under review for possible downgrade following the announcement of further deterioration on the syndicate's reserves and of revisions to the syndicate's ex-catastrophe current accident year loss ratios at Q4 2019.

Navigators syndicate 1221
February 20 2020 - B+^ (Above Average) Continuity Opinion of Lloyd's syndicate 1221 (Navigators Underwriting Agency) affirmed. Outlook changed from stable to negative in light of further deterioration on reserves relating to The Hartford's Global Specialty International book, primarily written in Lloyd's, at Q4 2019 and the potential for this and previously declared deterioration in 2019 to position the syndicate's performance in line with the B (Average) peer group.

Canopius syndicate 1861
December 12 2019 - B-^ (Below Average), stable outlook, Continuity Opinion of Lloyd's syndicate 1861 (Canopius Managing Agents) upgraded to B^ (Average) reflecting potential continuity for policyholders with the combined syndicate 1861 and 4444 opertion's underwriting team. The outlook for the Continuity Opinion remains stable.



Tokio Marine Kiln syndicate 557
October 21 2019 - B+ (Above Average) Continuity Opinion of Lloyd's syndicate 557 (Tokio Marine Kiln Syndicates) affirmed. Outlook changed from negative to stable, reflecting the expectation that future returns have the potential to be consistent with the B+ (Above Average) Continuity Opinion peer group.

Ceasing Syndicates & Summary text prior to ceasing:
1980: 2018 annual loss 73% NPE. Backing reliant on third party support.
2014: Internal scorecard for record to-date … C+/B- (s).
2468: positioned at the bottom end of the B- (Below Average) peer group.
5678: RITC business releases underpinned profitability 2012-14. No new RITC business and new account written 2015+. Losses 2016 to 2018.


Syndicate Research Limited (SRL) provides independent research on all active syndicates trading at Lloyd's. SRL's Continuity Opinions are opinions on individual Lloyd's syndicates' relative, potential continuity prospects for policyholders.

In October 2014 SRL took on the rights to the Continuity Opinions previously offered under Moody's Analytics Lloyd's Market service.

More information available at www.syndicateresearch.com

© 2020, Syndicate Research Limited ("SRL"). All Rights Reserved.

Users should refer to the Disclaimer at: https://www.syndicateresearch.com/disclaimer/


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