syndicates into one for the 2000 year of account.

The merger of Syndicates 219, 488, and 960 into Syndicate 2488 was approved on July 23 by Lloyd's and will become effective August 19. ACE stated that the merger will allow the company to fulfil its obligation to offer to purchase Syndicate 488 capacity that it does not already own.

About 87 percent of Syndicate 488 members voted in favour of the merger proposal.

Moody's investors Service has awarded Syndicate 2488 a performance rating of "A'' minus (good), according to a press release.