Moody's downgrades Amlin

Moody's Investors Service said it downgraded the subordinated debt ratings of Amlin plc to Baa3 from Baa2 and the insurance financial strength rating of Amlin Lloyd's syndicate 2001 to A2 from A1.

The A2 insurance financial strength rating on Amlin AG was affirmed.

The outlook is stable.

Moody's said the rating downgrades follow the deterioration in key financial metrics during 2011 driven by a significant reduction in equity, some potential constraints on future capital growth, and a still relatively high risk appetite.

As a result, Moody's views Amlin's overall credit quality to be more appropriately positioned at A2 for insurance financial strength, the agency said.

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