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Fitch affirms Lloyd's financial rating and upgrades outlook.
(From Insurance Day)
Byline: Symon Ross
RATINGS agency Fitch has affirmed the insurer financial strength rating of Lloyd's and also changed the market's outlook from negative to stable. But while the outlook on the rating has changed, Fitch said further issues have arisen to ensure it continues to monitor Lloyd's closely. Fitch said it has been keeping a careful watch on the market since placing its rating on negative outlook in April last year and added that its concerns about Lloyd's have been addressed in the last 15 months.
The agency said that since the 2002 underwriting year commenced, capital providers have shown strong support for the market and the aggregate market capacity has risen to GBP14.4bn ($23.2bn) for 2003, up 9% on 2002. It also said it believes Lloyd's capital base remains strong and that current estimates for World ...
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