Amlin downgraded after deterioration of "key financial metrics"

The SDR was cut from Baa2 to Baa3 while the IFSR fell to A2 from A1.

However, Moody's said the outlook for all ratings is stable and also affirmed Amlin AG's IFSR of A2.

The agency said the downgrades followed Amlin's deterioration in "key financial metrics" during 2011, fuelled by a significant reduction in equity, potential constraints on future capital growth and a "relatively high" risk appetite.

Last year, Amlin reported a post-tax loss of £150m, driven by £500m of catastrophe (cat) losses

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