Novae syndicates' financial strength rating upgraded
Moody's Investors Service has changed the outlook of the A3 Insurance Financial Strength Ratings of Lloyd's syndicates 1007 and 2147 - Novae Syndicates Limited -- to positive. The company said this was due to the improving overall aggregate financial position of the Lloyd's and strengthened Lloyd's Central Resources, as well as the syndicates' existing stand-alone credit fundamentals.
Moody's stated that the group's position has been affected by reserving issues on discontinued US Casualty business. The group's gross underwriting leverage (gross premiums written and gross loss
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