A.M. Best Co. announced that it has affirmed the Best’s Syndicate Rating of “A+” (Superior) and issuer credit rating of “aa-” of Lloyd’s Syndicate 1414 with a stable outlook.
Best explained that the “action resolves the under review status under which the ratings were placed on March 15, 2005, in line with member companies of American International Group, Inc. following the announcement that the Chairman and CEO, Maurice Greenberg, will retire as CEO and due to the delay in the filing of AIG’s 2004 10-K.”
Best said it “believes that the explicit support from American Home Assurance Company factored in the ratings of syndicate 1414 remains unchanged. The ratings also reflect the syndicate’s excellent expected performance and the excellent profile of the syndicate. These ratings are based on A.M. Best’s specific syndicate criteria. (See A.M. Best’s Rating Methodology for Lloyd’s Syndicates at http://www.ambest.com/ratings/methodology.asp.) Syndicate 1414 is managed by Ascot Underwriting Limited (AUL).”
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