AM Best affirms financial strength of Lloyd’s

AM Best has affirmed the financial strength rating of 'A' (excellent) and the long-term issued credit ratings (ICRs) of 'a+' (excellent) of Lloyds (UK), Lloyd’s Insurance Company (China), and Lloyd’s Insurance Company (Belgium).

It has also affirmed the long-term ICR of 'a' (excellent) of Society of Lloyd’s (UK) and of 'a-' (excellent) on the £500 million 4.750% subordinated loan notes maturing 30 October 2024 and on the £300 million 4.875% subordinated notes maturing 7 February 2047. The outlook of these credit ratings is stable.

AM Best expects that Lloyd’s will produce strong technical performance over the underwriting cycle, and that capital will continue to be attracted to the market.

Lloyd’s achieved a year-end 2021 combined ratio of 93.5%.