Chairman's Statement
Amlin PLC
12 July 2000
AMLIN HAILS IMPROVED UNDERWRITING CONDITIONS
Share of managed capacity hits 60% as 2001 underwriting limit raised to £575
million
In his address to the Annual General Meeting of Amlin PLC held earlier today,
after all resolutions had been duly passed, Chairman Roger Taylor announced
that:
'In the first of this year's Lloyd's capacity auctions, held on 5/6 July, the
Group purchased an additional £13 million of managed capacity for 6.5 pence
per £ of capacity. This represented all of the capacity tendered for at the
auction and raises Amlin's share from 58% to 60% for the 2001 year of account.
We expect to acquire more capacity in the remaining auctions.'
Commenting on the Group's continuing reorganisation the Chairman said:
'Amlin has continued to make strong progress in the first half of 2000 and the
integration of Syndicates 902 and 1141 with 2001, which was approved by
shareholders during the year, is proceeding according to plan.'
Turning to the current trading environment, Mr Taylor continued:
'Market conditions are improving across most areas of business, except the
marine market where rating improvements are patchy or inadequate. Whilst
continuing to limit our exposure in this area, we intend to increase our
overall syndicate capacity for the 2001 year of account to £575 million from
£538 million, reversing the trend of recent years.
'Coupled with increased capacity utilisation following the syndicate merger,
this will allow Amlin to take advantage of improving underwriting conditions,'
he said.
For further information, please contact:
Charles Philipps, Chief Executive
or
Richard Hextall, Finance Director
Amlin PLC 020 7860 8600
David Haggie, Haggie Financial Limited 020 7417 8989
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