Fitch upgrades Lloyd’s of London

The Lloyd’s of London insurance market has been given an upgrade by ratings agency Fitch, which said improved risk practices ahead of the Solvency II rule changes made the group’s debt a safer bet. Fitch said Lloyd’s had made major investments in ensuring stable earnings despite turbulence in the insurance market. Lloyd’s said the upgrade from A+ to AA- was due to “significant improvements in Lloyd’s underwriting discipline, financial strength and risk management”.