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S&P upgrades Lloyd's to A+

Sarah Veysey

April 23, 2007 Reprints

P/C Insurers Lloyd's of London More + Less -

LONDONStandard & Poor's Corp. has upgraded Lloyd's of London to A+ from A.

S&P said the upgrade reflected the successful completion of phase one of the deal to transfer the liabilities of Equitas Ltd. to National Indemnity Co., a unit of Berkshire Hathaway Inc.

Under the terms of the transfer deal, National Indemnity will provide up to $7 billion of reinsurance for Equitas' loss reserves.

This, S&P said, rendered the likelihood of a future Equitas deficitand the potential for Lloyd's to have to contribute"remote."

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S&P upgrades Lloyd's to A+

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