Syndicate 2488 at Lloyd's had its Aa3 Insurance Financial Strength Rating confirmed by Moody's Investors Services and the outlook is stable. The syndicate is the only one at Lloyd's to be awarded the Aa3 rating.

Syndicate 2488 is managed by Ace Global markets, the Lloyd's operation of Ace Limited, with a capacity of ?900 million for the 2002 year of account. The ACE Group provides 99.6 percent of the underwriting capital for the 2002 year of account with a view to 100 percent provision for 2003. Standard & Poors changed its outlook from stable to negative on monoline insurers including Ace Guaranty Re Inc.