Standard & Poor's raised its insurer financial strength rating on the U.K.-based Lloyd's insurance market to "A-plus" from "A."

At the same time, the agency raised its counterparty credit rating on The Society of Lloyd's to "A-plus" from "A." The outlook is stable.

The upgrade, said S&P, reflects the recent successful conclusion of phase one of the Equitas group's reinsurance transaction with National Indemnity Co., progress with regard to phase two, and what S&P credit analyst Rob Jones termed the "unstoppable momentum" behind the improving London market business processes.

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