Research Ltd. (SURL), for an undisclosed amount.

Moody's is a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets.

Founded in 1900, the oldest rating agency rates the Bermuda Government's ability to repay its debts and also provides rating services on Bermuda banks and other companies.

SURL provides research products and services covering the entire syndicate network of the Lloyd's market. In combining operations with Moody's, SURL will continue to provide the Lloyd's market with individual syndicate performance and volatility ratings, underwriting and profit forecasts for the market and its individual syndicates, and analysis services.

SURL managing director Mark Hewlett, who will be in Bermuda this week, will join Moody's as managing director of the European property, casualty and reinsurance team.

Moody's president John Rutherford, Jr. commented: "SURL brings a respected research team with strong experience and expertise in the Lloyd's market. That expertise, combined with Moody's expansive market resources, distribution and global reach, will enhance SURL's ability to serve the insurance market both in Europe, and globally.

"The acquisition not only represents Moody's European rating business growth, but is representative of Moody's commitment to serve the world's capital markets through its credit ratings and in-depth analysis.'' SURL was founded in 1995 as a subsidiary of Anton Jardine Holding Ltd. Group, the holding company of a Lloyd's members agent and Lloyd's advisor.

Moody's issues ratings on more than 85,000 corporate and 62,000 public finance debt securities in the global capital markets.