Moody's affirms Limit rating

Moody's Investors Service today affirmed the B average performance rating of Lloyd's syndicate 2999 - Limit Underwriting. The rating outlook is stable.Moody's said that the rating reflects the syndicate's above average capital support via QBE Insurance, and management controls, which are considered to benefit from QBE input. Also, the strengthened marine operation of the syndicate following the merger of syndicate 1036 into syndicate 2999 for 2005. However, these strengths are off-set by the limited track record of a significant element of the non-marine and excess of loss teams; the fact that the process of integrating QBE's Lloyd's and European operations and the syndicate's marine books have yet to be completed; and the relative immaturity of the syndicate's restructured liability book.

Moody's said that the rating reflects the syndicate's above average capital support via QBE Insurance, and management controls, which are considered to benefit from QBE input. Also, the strengthened