Amlin completes SPS transacti
AMLIN PLC
PRESS RELEASE
For immediate release
16 December 2008
AMLIN COMPLETES SPS TRANSACTION
Amlin announces the completion of its first special purpose syndicate, established to write a 15% quota share contract of the excess of loss reinsurance account of Amlin's Syndicate 2001. The transaction has been approved in principle by Lloyd's Franchise Board and is subject to final administrative arrangements.
This transaction provides additional reinsurance capacity for 2009 underwriting, enabling Syndicate 2001 to take advantage of strong opportunities in the key peak zones in the US, Japan and Europe, despite the dramatic fall in value of Sterling. It also provides Amlin with an alternative to retrocessional cover should capacity for that form of cover prove to be scarce.
The new syndicate was significantly oversubscribed, with the targeted £50 million of third party capital provided through Members' Agents Hampden, Argenta, Alpha and ICC (Corporate Capital).
Charles Philipps, Chief Executive of Amlin said, 'We are pleased with high level of commitment for this new syndicate, which provides us with additional flexible capital to take advantage of what we believe will be a favourable market for writing catastrophe reinsurance business in 2009.'
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Enquiries: |
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Charles Philipps, Chief Executive, Amlin plc |
0207 746 1000 |
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Hannah Bale, Head of Communications, Amlin plc |
0207 746 1118 |
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Notes to Editors:
Amlin plc is a recognised leader in the London insurance and reinsurance market, providing a global client base with risk management solutions. Amlin has five business areas: Aviation; Marine; UK commercial; International property and casualty; and reinsurance. A FTSE-250 quoted company (FTSE-100 from 22 December 2008), Amlin owns 100% of its £825m Lloyd's capacity for 2008, which is written through Syndicate 2001. Syndicate 2001 is rated 'A+' (Excellent) by AM Best and 'A1' (Stable) by Moody's.
In 2005, the company established Amlin Bermuda Ltd as a reinsurance business capitalised at US$1 billion. In 2007 Amlin Bermuda had net earned premium of £216 million and is now rated A (Excellent) by A.M. Best and A by Standard & Poor's. Amlin has also set up operations in Singapore and in Illinois, USA, in 2007 and 2008 respectively, to service regional and local clients. www.amlin.com
This information is provided by RNS
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