S&P Global Ratings on Oct. 12 revised its outlook on Lloyd's of London to negative from stable, saying it expected the London insurance market to report "significant" losses from this year's Atlantic hurricanes.

The rating agency also affirmed the A+ financial strength and long-term counterparty credit ratings of the Society of Lloyd's.

Lloyd's has disclosed an estimate of net losses of £3.3 billion from Hurricanes Harvey and Irma, according to S&P. The rating agency expects further major losses from Hurricane Maria and other potential catastrophe events in the fourth quarter. These losses are significant compared to its peers and Lloyd's annual earnings and puts emphasis on the insurance market's exposure to catastrophe risk, S&P added.

The negative outlook is based on the agency's expectations that the market will produce combined loss and expense ratio of about 95% in the period from 2018 to 2019. S&P also predicted a "modest" revival in rates and assumed normalized catastrophe losses, as well.

Meanwhile, S&P also revised the outlook on the A+ financial strength ratings of Lloyd's Insurance Co. (China) Ltd., Lloyd's Underwriters at Lloyd's of London, Kentucky and Underwriters at Lloyd's of London, Illinois to negative from stable.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.