Since Lloyd's moved to annual reporting from its much criticized previous accounting regime, the level of disclosure has declined, according to a report released today by Standard & Poor's.
Under the Companies Act and Generally Accepted Accounting Principles in the U.K., which were adopted by syndicates for the first time in 2005, there is "reduced consistency and transparency of the information now available in the public domain to appraise syndicates," the rating firm said.
Syndicates beginning with the financial year ended Dec. 31, 2005 were required to publish audited financial statements prepared on an annual accounting basis.
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