Syndicate forecast
15 August 2003
Second quarter syndicate forecasts
Amlin plc, the leading Lloyd’s insurer, today releases its second quarter forecasts for the 2001 and 2002 years of account for Syndicate 2001. It also comments on current trading as set out below.
Current trading
Amlin is continuing to experience good trading conditions in all of its principal lines of business. Syndicate 2001 has £1.1 billion of capacity in the current year, of which £860 million is Amlin’s share. The syndicate’s gross written premium (net of brokerage) was £634 million in the six months to 30 June 2003, up 22% over 2002.
Forecasts
The second quarter forecasts for the 2001 and 2002 years of account are unchanged from those made after the first quarter, which are expressed as a percentage of capacity, and are as follows:
| Year of account | Capacity £m | Amlin share % | Forecasts % to % |
|---|---|---|---|
| 2001 | 574.5 | 69.6 | (1.5) to 3.5 | 2002 | 800.0 | 72.3 | 12.0 to 17.0 |
The 2001 year of account continues to develop in line with expectations. The 2002 year of account has benefited from low loss incidence to date. Underlying improvements in the quarter have been partially offset by exchange rate movements (Quarter end rate $1.65:£1). A substantial amount of business remains on risk for this year, but Amlin expects the forecast to improve if a normal level of loss development is experienced for the remainder of the year.
Charles Philipps stated “2003 continues to develop well and business written in previous years remains in line with our expectations. We are increasingly confident about the financial outcome for this year and look forward with optimism."
Enquiries:
Charles Philipps 0207 746 1050
Richard Hextall 0207 746 1054
Amlin plc
David Haggie 0207 417 8989
Haggie Financial
