Lloyd's rating lifted by Standard & Poors'

The global rating agency Standard & Poor's ("S&P") has raised Lloyd's rating from A+ to AA-

The S&P report is available here via Lloyds.com

In summary the S&P opinion is that owing to corrective underwriting actions that have brought about robust underwriting discipline, Lloyd's performance should be excellent, in line with other AA- rated (re)insurers.

"Management's consistent focus on underwriting discipline coupled with a favorable pricing environment is paying dividends" says the report.

S&P expects Lloyd's to continue its expense reduction strategy - reducing by 2 percentage points over the next three years.

S&P says Lloyd's has maintained close oversight on the market's capital levels during the challenges of Covid-19, the Russia-Ukraine conflict and rising inflation rates and so its capital and solvency levels are also termed robust.