Fitch turns negative on Lloyd’s outlook
Rating remains the same at AA-.
Fitch has revised Lloyd’s of London’s outlook to negative from stable, while affirming its insurer financial strength (IFS) ratings at AA-.
The rating agency advised that the outlook had changed due to “deterioration in underwriting performance” and an increasing exposure to catastrophe risk.
In addition, it stated that the Fitch-calculated combined ratio of 98% was a significant deterioration from recent performance, driven by a return to more normalised levels of catastrophe activity in the
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