Ratings agency A.M. Best Co. yesterday affirmed the financial strength rating of A (Excellent) and issuer credit rating (ICR) of "a+" of Lloyd's Syndicate 2003 (United Kingdom), which is managed by the Bermuda-based Catlin Group Ltd.

Best said the rating reflected the strength of the Lloyd's market, the financial flexibility of CGL and its $600 million group baking club facility.

"The syndicate's underwriting capacity for the 2008 year of account is unchanged at £1.1 billion, allowing the syndicate to support growth in its business written through the group's US and international offices, whilst business written is reduced in Lloyd's where rates are weakening more rapidly," Best said.

Best also predicted that the syndicate would produce good financial results in 2008, despite the impact of hurricanes Gustav and Ike.