Best: Lloyd’s Syndicate 1414 Ratings Under Review; Negative Implications

A.M. Best Co. announced that it has placed the financial strength rating of “A+” (Superior) and the issuer credit rating of “aa-” of Lloyd’s Syndicate 1414 under review with negative implications.

The move is part of Best’s overall downgrade of the subsidiaries of American International Group (See IJ Web site May 5). The syndicate is managed by Ascot Underwriting Limited (AUL).

“This action reflects today’s downgrade in the ratings of American Home Assurance Company, which provides syndicate 1414 with an unconditional guarantee of payment in respect of policyholder liabilities,” said Best.

It also noted that the “The American Home ratings are also under review with negative implications.”