NU Online News Service, July 20, 3:45 p.m. EDT
Fitch Ratings said it expects Lloyd's of London to report a reduced level of income in 2010 compared to 2009, but affirmed the company's Insurer Financial Strength rating of "A-plus."
Fitch said that Lloyd's 2009 performance was supported by a series of beneficial factors that are unlikely to be repeated in 2010. These included a benign U.S. windstorm season, a recovery in investment results, favorable foreign exchange movements in respect to gross written premium growth and improved pricing conditions, Fitch said.
The rating affirmation reflects Lloyd's strong operating performance during 2009, with reported results ahead of expectations, Fitch said.
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