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Member, Beacon International Group, Ltd.
SHANGHAILloyd's Reinsurance Co. (China) Ltd., the Chinese underwriting arm of Lloyd's of London, on Monday was assigned A financial strength ratings by two agencies.
In separate statements, New York-based Standard & Poor's Corp. and Oldwick, N.J.-based A.M. Best Co. Inc. said the A ratings reflect support provided to the Shanghai-based entity from the Lloyd's market, in the form of a quota share retrocession of all business underwritten by it exclusively to syndicates trading at Lloyd's.
"The company's cedents therefore benefit from the full scope of Lloyd's security, including the market's Central Fund," Standard & Poor's credit analyst Rob Jones said in a statement.
Best in a statement said it "anticipates that the volume of business is likely to be modest in 2007."