Syndicate Research downgrades ANV Syndicate

Lloyd's independent research firm Syndicate Research Ltd (SRL)
has downgraded its rating of ANV Syndicate 779 to B-^ (Below
Average) from B^ (Average) in light of its open year performance
and the headwinds to developing a restructured book in the current
market.
Its outlook for the syndicate also remained negative, reflecting
SRL's view of the potential integration risks associated with
the proposed acquisition of the operations by AmTrust.
SRL also downgraded its opinion of Cathedral Syndicate