Lloyd’s savages Moody’s initiative

Lloyd’s has responded caustically to the decision by ratings agency Moody’s to introduce insurer financial strength (IFS) ratings for individual Lloyd’s syndicates. It claimed Moody’s had failed to grasp that Lloyd’s financial strength is based on members, rather than syndicates. And it protested that Moody’s had neglected to consider the role of the market’s risk-based capital (RBC) system.