Amlin Bermuda Limited Achieves 'A' Rating From S&P
22 December 2005
Amlin plc (“Amlin”) today confirmed that its new Bermuda reinsurance operation has been assigned ‘A’ counterparty credit and insurer financial strength ratings (IFRS) by Standard & Poor’s, both with a stable outlook.
The rating rationale noted Amlin’s “strong and improving competitive position, its track record of strong earnings and its superior operational management” in explaining that the ratings criteria S&P “would ordinarily apply to a start-up is not relevant in this case.”
The rating agency also assigned its interactive Lloyd’s Syndicate Assessment of ‘4’ to Amlin Syndicate 2001, also with a stable outlook. Major assessment factors included the Syndicate’s “strong competitive position as the largest, and one of the most highly respected, at Lloyd’s” and the fact that it has “consistently outperformed the Market in each of the five most recent years of account.”
Richard Hextall, Finance Director, commented; “We are
pleased that Standard & Poor’s have considered the
overall strength of the Amlin Group in reaching these rating
assessments. We believe that leveraging the Group’s
profile and processes will prove a strong differentiator for Amlin
Bermuda and its ability to deliver on our strategy for growing our
international business.”
