AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Lloyd’s Syndicate 33 (Syndicate 33) (United Kingdom), which is managed by Hiscox Syndicates Ltd. The outlook of these Credit Ratings (ratings) is stable.
The Lloyd’s market rating is the floor for all syndicate ratings, reflecting Lloyd’s chain of security and, in particular, the role of the Central Fund, which partially mutualises capital at the market level. The ratings of Syndicate 33 reflect the balance sheet strength of the Lloyd’s market, which AM Best assesses as very strong, as well as the market’s strong operating performance, very favourable business profile and appropriate enterprise risk management.
For the 2024 year of account, Syndicate 33’s capacity was GBP 1.7 billion (2023: GBP 1.7 billion). Approximately 73% of Syndicate 33’s capital is provided by Hiscox Dedicated Corporate Member Limited, the ultimate parent of Hiscox Ltd. The remainder of the capital is provided by third-party Lloyd’s members.
The recent technical performance of Syndicate 33 has been moderately stronger than that of the overall Lloyd’s market, demonstrated by a five-year weighted average combined ratio of 86.5% (2020-2024), compared with Lloyd’s five-year weighted average combined ratio of 92.0%. For 2024, Syndicate 33 recorded a combined ratio of 85.7% (Lloyd’s: 86.9%).
The business profile of all syndicates is inextricably linked to that of Lloyd’s, which has a strong position in the global general insurance and reinsurance markets. The collective size of the Lloyd’s market allows Syndicate 33 to compete under the Lloyd’s brand with international groups. Syndicate 33 writes a diversified portfolio by geography and line of business comprising reinsurance, property, specialty and casualty businesses.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit http://www.ambest.com.
Copyright 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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