Amlin Confirms 2003 Underwriting Capacity
10 December 2002
Amlin is pleased to confirm that it has extended its current letter of credit facilities, details of which were announced on 1 November 2002, by £10 million. The increased amount arranged by Lloyds TSB Capital Markets (acting also as Agent), was provided by WestLB AG.
Amlin now has sufficient capital to support its intended wholly owned underwriting capacity of £861 million for the 2003 year of account. This represents an increase of 49% on Amlin’s wholly owned capacity of £578 million for the 2002 year of account.
In addition, the support of third party capital has been strong with the majority of the limited tenancy capacity, created through Amlin’s recent acquisition of Syndicate 2001 capacity, being taken up or traded in the Lloyd’s auctions.
Consequently, Syndicate 2001’s regulatory capacity for the 2003 year of account will be £1 billion which is supplemented by a further £100 million from existing quota share facilities. In aggregate this represents an increase of 22% in the Syndicate’s potential gross written premium for 2003.
Charles Philipps commented:
“We are delighted to have achieved our target underwriting capacity for 2003. Rapid growth into a hard insurance market is a key part of delivering our strategic goals. We will look to increase our underwriting capacity through the year if underwriting conditions warrant”.
Enquiries:
Charles Philipps 020 7746 1050
Chief Executive
Amlin plc
Richard Hextall 020 7746 1054
Finance Director
Amlin plc
David Haggie 020 7417 8989
Haggie Financial
