Fitch Ratings said it has upgraded Lloyd's financial strength rating by one notch to "A-plus" with a stable outlook.
The upgrade followed confirmation on Tuesday that Equitas, which reinsures the pre-1993 long-tail liabilities of Lloyd's of London syndicates, has completed a reinsurance transaction with Berkshire Hathaway subsidiary National Indemnity Co. as announced in October last year.
Moreover, Fitch noted the absence of catastrophic losses for 2006 will most likely enhance the earnings that are announced today.
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