Syndicate Research downgrades Axa XL 2003, Cincinnati Global 318 outlook
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Syndicate Research downgrades Axa XL 2003, Cincinnati Global 318 outlook

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Syndicate Research Limited (SRL) has downgraded the outlooks for syndicates Axa XL 2003 and Cincinnati Global 318 due to persistently poor underwriting results in recent years.

The research body affirmed Syndicate 2003’s B^ (average) continuity opinion but downgraded the outlook to negative, after the business reported a combined ratio of 134% in 2020, its fourth consecutive underwriting loss.

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