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Goshawk anger as syndicate is given solvency warning.
(From Insurance Day)
Byline: Jon Guy
INSURANCE group Goshawk is to meet with rating agency Moody's to tell the company it has got it badly wrong after the agency issued a perfomance downgrade yesterday for the group's Lloyd's syndicate 102.
Moody's had warned that if the market took the mid-point of the actuaries' best estimates, the syndicate may need additional capital from its parent to continue trading.
It also speculated that if the syndicate were to be forced into run-off it may be subject to a rescue by Lloyd's to avoid the estimated GBP50m ($80m) cost of run-off and administration.
Goshawk Syndicate Management Ltd was downgraded to C- Below Average from C+ Below Average, and put under review for possible downgrade, following the release of Goshawk's interim results last week.
Moody's said it now believed that the syndicate's own previously-released forecast loss for 2001 of 20%-30% (0%-10% loss at December 31, 2002) has now deteriorated to a loss of some 45% of capacity with the latest interim statement, prior to taking into account any additional reserve to allow for the mid-point of the actuaries' range.
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