Standard & Poor's mid-year assessment of most Lloyd's syndicates registered few changes for the group despite several units posting record returns.

Standard & Poor's credit analyst Matthew Day said the agency has raised its assessment on one syndicate and downgraded two others. In addition, one assessment has been assigned for the first time, and three others withdrawn.

"Our assessments had already factored in the expected benefits following the hardening of the insurance markets post hurricanes Katrina, Rita, and Wilma," said Mr. Day. "In fact, in a large number of cases the sustainability of the strong turnaround in performance remains untested by more challenging underwriting conditions."

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