Rights Issue - Part 2
Amlin PLC
20 December 2001
PART TWO
Principal terms of the Rights Issue
Subject to the fulfilment of the conditions set out below and in the Prospectus
expected to be posted to shareholders later today, Qualifying Shareholders
(other than certain Overseas Shareholders) will be offered, by way of rights,
New Amlin Shares at a price of 77 pence per New Amlin Share on the following
basis:
2 New Amlin Shares for every 7 existing Amlin Shares
held by Qualifying Shareholders at the Record Date. Fractions of New Amlin
Shares will not be allotted, each Qualifying Shareholder's entitlement being
rounded down to the nearest whole number. The fractional entitlements will be
aggregated and sold for the benefit of the Company. Accordingly Qualifying
Shareholders with fewer than 4 existing Amlin Shares will not be entitled to any
New Amlin Shares.
The Rights Issue Price of 77 pence per New Amlin Share represents a 17.6 per
cent. discount to the closing middle market price of 93.5 pence per Amlin Share
on 19 December 2001, the last business day before the announcement of the Rights
Issue.
The Rights Issue is conditional, inter alia, upon:
(i) the passing of the Resolutions to be proposed at the Extraordinary General
Meeting;
(ii) Admission becoming effective by not later than 8.00 a.m. on 15 January 2002
(or such later time and/or date as Hoare Govett and the Company may agree, not
being later than 17 January 2002); and
(iii) the Underwriting Agreement becoming unconditional in all respects.
The Rights Issue will result in the issue of 59,582,887 New Amlin Shares
(representing approximately 22.2 per cent. of the issued ordinary share capital
of Amlin, as enlarged by the Rights Issue). The New Amlin Shares, when issued
and fully paid, will rank pari passu in all respects with the existing Amlin
Shares and will rank for all dividends or other distributions declared, made or
paid after the date of issue of the New Amlin Shares.
Application for Admission has been made to the UK Listing Authority in respect
of the New Amlin Shares. It is expected that Provisional Allotment Letters will,
subject to the Resolutions being passed, be despatched on 14 January 2002,
immediately following the Extraordinary General Meeting, and that dealings will
commence in the Nil Paid Rights on the London Stock Exchange at 8.00 a.m. on 15
January 2002.
If, for any reason, the Provisional Allotment Letters are posted otherwise than
on the day of the Extraordinary General Meeting, the times and dates referred to
in this announcement may be revised and the times and dates so revised will be
contained in the Provisional Allotment Letters.
The latest time and date for acceptance and payment in full in respect of
entitlements under the Rights Issue is 3.00 p.m. on 4 February 2002.
The full terms and conditions of the Rights Issue, including the procedure for
acceptance and payment and the procedure in respect of Rights not taken up, are
contained in the Prospectus expected to be posted to shareholders later today
and will be included in the Provisional Allotment Letter.
Notice of Extraordinary General Meeting
A notice convening the Extraordinary General Meeting to be held at 12 noon on
Monday 14 January 2002 at Amlin's offices at St. Helen's, 1 Undershaft, London
EC3A 8ND, for the purpose of considering and, if thought fit, passing the
Resolutions, is set out in the Prospectus expected to be sent to shareholders
today. The Resolutions propose to:
(i) increase the authorised share capital of the Company from £75,000,000 to
£91,250,000 by the creation of 65,000,000 additional Amlin Shares. This
represents an increase of approximately 21.7 per cent. over the current
authorised share capital of the Company. If this resolution is passed there will
be 96,877,007 authorised but unissued Amlin Shares following the Rights Issue;
(ii) subject to the resolution described in paragraph (i) above being passed and
becoming effective, authorise the Directors under section 80 of the Companies
Act to allot relevant securities up to an aggregate nominal amount of
£14,895,721.75 for the purposes of the Rights Issue and, in addition, up to an
aggregate nominal amount of £22,343,582 other than for the purposes of the
Rights Issue. If passed, these authorities will expire on the earlier of 15
months after the passing of this resolution and the conclusion of the next
annual general meeting of the Company and will give the Directors authority to
allot relevant securities up to an aggregate nominal amount of £37,239,303.75,
representing approximately 71.4 per cent. of the existing issued share capital.
After accounting for the New Amlin Shares to be issued in connection with the
Rights Issue, the Directors would have unutilised authority under section 80 of
the Companies Act to allot relevant securities up to an aggregate nominal amount
of £22,343,582, representing just under one-third of the issued share capital as
enlarged pursuant to the Rights Issue.
Save in respect of the issue of New Amlin Shares pursuant to the Rights Issue
and any issues of Amlin Shares which may be required to be made pursuant to the
Amlin Share Option Schemes or as deferred consideration under the contract
referred to in paragraph 8(e) of Part 5 of the Prospectus expected to be posted
to shareholders later today, the Directors currently have no plans to allot
relevant securities but the Directors believe it to be in the best interests of
the Company for the Board to be granted these authorities to enable the Board to
take advantage of appropriate opportunities; and
(iii) subject to the resolution described in paragraph (ii) above being passed
and becoming effective, disapply the pre-emption rights provisions of section 89
of the Companies Act in respect of the allotment of equity securities pursuant
to the Rights Issue, pursuant to any other pre-emptive issues and, in respect of
other issues of equity securities for cash, up to an aggregate nominal value of
£3,351,537, being just under five per cent. of the issued share capital as
enlarged pursuant to the Rights Issue. If given, this authority will expire at
the same time as the authorities referred to in paragraph (ii) expire.
Other than in relation to the issue of New Amlin Shares pursuant to the Rights
Issue and the issues of Amlin Shares which will be required to be made as
deferred consideration under the contract referred to in paragraph 8(e) of Part
5 of the Prospectus expected to be posted to shareholders later today, the
Directors have no present intention of issuing any equity securities pursuant to
the disapplication.
The resolutions described in paragraphs (i) and (ii) will be proposed as
ordinary resolutions and the resolution described in paragraph (iii) will be
proposed as a special resolution.
Intentions of Directors and of State Farm
Messrs Hextall, Kennedy, Mylvaganam, Sanders, Taylor and Lord Stewartby, who in
aggregate hold 144,418 Amlin Shares (representing approximately 0.07 per cent.
of Amlin's issued share capital), have irrevocably undertaken to take up in full
their entitlements to New Amlin Shares under the Rights Issue.
Mr Philipps, who holds 77,962 Amlin Shares (representing approximately 0.04 per
cent. of Amlin's issued share capital), has stated his intention to apply for
12,500 New Amlin Shares out of his entitlement to 22,274 New Amlin Shares.
Messrs Carpenter and Holt, who in aggregate hold 2,341,434 Amlin Shares
(representing approximately 1.12 per cent. of Amlin's issued share capital),
intend to sell a maximum of such number of their entitlements to New Amlin
Shares under the Rights Issue as will allow them to take up the balance of their
Rights, after providing for estimated costs and taxation.
State Farm Mutual Automobile Insurance Company, which holds 27,706,278 Amlin
Shares (representing approximately 13.3 per cent. of Amlin's issued share
capital), has irrevocably undertaken to take up in full its entitlement to New
Amlin Shares under the Rights Issue.
Timetable:
Record Date for the Rights Issue close of business on 9 January
2002
Latest time and date for receipt of Forms of Proxy
12 noon on 12 January 2002
Extraordinary General Meeting 12 noon on 14 January 2002
Despatch of Provisional Allotment Letters 14 January 2002
Dealings in the Nil Paid Rights commence 8.00 a.m. on 15 January 2002
Latest time and date for splitting Provisional
Allotment Letters, nil paid 3.00 p.m. on 31 January 2002
Latest time and date for acceptance and payment
in full and registration of renunciation 3.00 p.m. on 4 February 2002
Dealings in the New Amlin Shares commence,
fully paid 8.00 a.m. on 5 February 2002
Expected date for crediting of CREST member accounts and despatch of definitive
share certificates in respect of New Amlin Shares
5 February 2002
Further information
Full details of the Rights Issue, together with the notice of EGM are contained
in the Prospectus which is expected to be posted to shareholders today.
Certain statements made in this announcement are forward looking statements.
Such statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results and performance to
differ materially from any expected further results or performances, express or
implied, by the forward looking statements. Factors that might cause forward
looking statements to differ materially from actual results include, among other
things, regulatory and economic factors. The Company assumes no responsibility
to update any of the forward looking statements contained herein. Further, any
indication in this announcement of the price at which Amlin Shares have been
bought or sold in the past cannot be relied upon as a guide to future
performance.
Neither the New Amlin Shares nor the Provisional Allotment letters have been or
will be registered under the US Securities Act or under the relevant laws of any
State of the United States or any state, province or territory of Australia,
Canada, Japan, New Zealand, the Republic of Ireland or South Africa. Subject to
certain exceptions, neither the New Amlin Shares nor the Provisional Allotment
Letter may be directly or indirectly offered, sold, taken up delivered renounced
or transferred in or into the United States,
Australia, Canada, Japan, New Zealand, the Republic of Ireland or South Africa
or to, or for the account or benefit of, US persons.
Hoare Govett is acting for Amlin and for no one else in connection with the
Rights Issues and will not be responsible to anyone other than Amlin for
providing the protection afforded to clients of Hoare Govett or for providing
advice in relation to the Rights Issue or any other matter referred to herein.
Appendix I - Assumptions and methodology underlying Amlin's estimate of losses
resulting from the terrorist attacks of 11 September 2001
The terrorist attacks of 11 September 2001 have resulted in material losses for
Amlin through its participation on the Managed Syndicates. A number of claim
notifications have been received or probable exposures have been identified
through a review of business underwritten and enquiries to insureds, reinsureds
and brokers. Due to the nature and size of the loss events in New York,
Washington D.C. and Pittsburgh, the estimation of likely loss is highly complex
and involves assessments of many classes of business underwritten in the years
ended 31 December 1999, 2000 and 2001. Therefore there is a greater degree of
uncertainty relating to these loss estimates than would normally be the case.
Estimates of loss
The current projected net loss estimate to Amlin, in respect of the Group's own
share of its Managed Syndicates' capacity on the relevant Lloyd's years of
account, is £60 million, which is equivalent to 21 pence per existing Amlin
Share after tax.
The gross estimate of loss emanating from the Managed Syndicates, on a 100 per
cent. basis, is approximately US$690 million (approximately £463 million). The
Board considers that the Managed Syndicates can be expected to recover
approximately US$560 million (approximately £375 million) from their own
reinsurance arrangements, net of reinstatement premiums payable to reinsurers to
reinstate cover for future losses. The net loss of approximately US$130 million
to the Managed Syndicates equates to approximately £88 million. The conversion
of amounts from US$ to £ in this paragraph assumes an exchange rate of
£1:US$1.49, being the exchange rate adopted by Lloyd's as at 31 December 2000.
The Directors anticipate that the Group's share of the gross loss exposure is in
the following categories of business and will be as follows:
Class of business
Amlin's share of gross exposure US$m
Direct and facultative property 61.5
Property reinsurance and risk excess of loss 189.3
Direct airline operators and airport contractors 155.1
Reinsurance of airline, airport operators' and airline contractors' risks 19.1
Other 18.3
443.3
After reinsurance recoveries, net of reinstatement costs of US$355.4 million,
Amlin's share of the net exposure is US$87.9 million.
Method of estimation and assumptions
The gross loss estimate emanates mainly from the following sources:
Direct and facultative property contracts: Amlin has reviewed all direct and
facultative property contracts underwritten in 2000 and 2001 to determine which
contracts have property exposure in the vicinity of Lower Manhattan. Policy
limits of relevant contracts have been assumed in the gross loss estimate unless
sufficient information has been received to indicate that an amount other than
the policy limit should be assumed.
It is possible that Syndicate 2001 could receive contingent business
interruption claims from direct and facultative property contracts in respect of
properties which are outside the Lower Manhattan or Pentagon vicinities but
where the policyholder has suffered business interruption as a result of the
events of 11 September. The Directors believe that the cost of such claims will
not be material.
Property reinsurance contracts: The main property reinsurance contracts
underwritten have been reviewed and assessed for likelihood of loss. The
coverage granted under relevant contracts provides reinsurance cover for
insurance companies' direct and facultative property portfolios of risks.
Coverage granted is typically primary reinsurance and not retrocessional. The
estimates of losses arising from such contracts are based on information
obtained from the brokers who placed the contracts on behalf of the insurance
companies, or directly from the relevant insurance companies. Accordingly, the
estimates are reliant on the completeness and accuracy of information provided
by third parties. Where notified loss information is considered to be poor or
unreliable, Amlin has added a margin for prudential purposes.
Airline, airport operators' and airport contractors' contracts: A number of
clients may have claims under their liability insurance contracts, if, and to
the extent that, they are deemed to be liable for negligence which has
contributed to the loss. Such clients include airlines and airport operators and
security contractors. In some cases the liability of such parties appears
remote. Where the potential for a claim has been identified, albeit speculative
or unlikely, an estimate has been incorporated into the overall loss estimate.
In the case of exposures related to the World Trade Center anticipated losses
are based on policy limits. In the case of the Washington D.C. and Pittsburgh
losses, anticipated losses are based on the management's estimates of the damage
caused and the number of lives lost.
The remaining loss is spread over a number of other classes, including war,
specie and personal accident.
The net loss is arrived at by deducting from the gross loss the estimated
reinsurance recoveries, net of reinstatement premiums, for each of the Managed
Syndicates. Reinsurance recoveries have been estimated by mapping the estimated
losses against the reinsurance cover available. The recovery estimate is based
on the amount of recovery that can be made against the relevant policies. The
cost of reinsurance premiums to reinstate reinsurance cover has been calculated
under the terms of applicable policies and is included within the net estimate.
Recoveries under a number of reinsurance contracts are triggered by the overall
market property insured loss reaching certain levels. The property market loss
assumed is US$30 billion or greater. Should the overall insured property loss be
between US$25 billion and US$30 billion, then the Group's share of the net loss
will increase by approximately £4 million.
The credit-worthiness of underlying security has been reviewed by the Directors.
Approximately 98 per cent. of Amlin's estimated reinsurance recoveries is due
from counterparties which are rated A or better by Standard & Poor's. Included
in the estimated reinsurance recoveries is an amount of US$99 million due from
companies which authorised Fortress Re, Inc., a North Carolina, USA based
managing general agent, to bind reinsurance in their names. The authority given
to Fortress Re has been cancelled following the events of 11 September 2001 and
the Directors believe that there may be disputes between Fortress Re and the
insuring companies, namely the Nissan Fire and Marine Insurance Company, the
Taisei Fire and Marine Insurance Company and Aioi Insurance Company. Syndicate
2001 did not accept security (other than an exposure limited to £200,000) from
the Taisei Fire and Marine Insurance Company in its 2001 year of account
reinsurance programme and the Directors believe that the security of the other
two companies remains sufficiently strong.
Other key assumptions include:
(*) the terrorist attacks leading to the collapse of the World Trade
Center towers in New York were one occurrence;
(*) the Washington and Pittsburgh losses were two further distinct
occurrences;
(*) there will be no material failures of reinsurance security;
(*) all reinsurers will reinstate reinsurance cover in accordance with
the relevant contract provision;
(*) there will be no material contractual disputes with any reinsurers;
(*) there will be no subrogation recoveries or financial support from
third parties, including the US government or associated agencies; and
(*) war exclusions on policies do not apply and all of the occurrences
were caused by terrorist action.
DEFINITIONS
The following definitions apply throughout this announcement, unless the context
requires otherwise:
the 'Act' or the 'Companies Act' the Companies Act 1985, as amended
'Admission' the admission of the Nil Paid
Rights (i) to the official list of
the UK Listing Authority and (ii)
to trading on the London Stock
Exchange's market for listed
securities becoming effective in
accordance with the Listing Rules
'Amlin Share Option Schemes' The Murray Lawrence Discretionary
Share Option Scheme 1997, the
Murray Lawrence Discretionary Share
Option Scheme 1998, the Amlin
Executive Share Option Schemes
1997, and the Amlin Savings-Related
Share Option Scheme 1998 and the
Amlin Share Bonus Plan. The
Amlin Executive Share Option
Schemes 1997 comprise the Amlin
Inland Revenue Approved Share
Option Scheme 1997 and the Amlin
Unapproved Share Option Scheme 1997
'Amlin Shares' ordinary shares of 25 pence each in
the capital of the Company
'Articles of Association' or 'Articles' the articles of association of the
Company
'Board' the board of Directors of the
Company
'Certificated' or 'Certificated Form' not in Uncertificated Form
'Company' or 'Amlin' Amlin plc
'Computershare' Computershare Investor Services PLC
'CREST' the relevant system for the
paperless settlement of trades and
the holding of uncertificated
securities operated by CRESTCo
Limited in accordance with the
Regulations
'CRESTCo' CRESTCo Limited the operator of
CREST
'Directors' the directors of the Company at the
date of this announcement whose
names are set out in paragraph 5(a)
of Part 5 of the Prospectus
expected to be posted to
shareholders today.
'Extraordinary General Meeting' the extraordinary general meeting
of the Company convened for 14
January 2002, notice of which is
set out at the end of this document
'FSA' the Financial Services Authority
'Form of Proxy' the form of proxy sent to
Shareholders with this document
'Group' the Company and its subsidiary
undertakings
'Hoare Govett' Hoare Govett Limited whose office
in the United Kingdom is at 250
Bishopsgate, London EC2M 4AA
'Listing Rules' the rules and regulations made by
the UK Listing Authority under Part
VI of the Financial Services and
Markets Act 2000 (as amended from
time to time)
'London Stock Exchange' London Stock Exchange plc
'Managed Syndicates' Syndicate 902, Syndicate 1141 and
Syndicate 2001, all of which are
managed by Amlin Underwriting
Limited
'New Amlin Shares' 59,582,887 new Amlin Shares to be
issued pursuant to the Rights Issue
'Nil Paid Rights' rights to acquire the New Amlin
Shares, nil paid
'Official List' the Official List of the UK Listing
Authority
'Overseas Shareholders' Shareholders who are resident in,
or who are citizens of, or who have
registered addresses in,
territories other than the
United Kingdom and Shareholders who
are US persons
'Provisional Allotment Letters' the renounceable provisional
allotment
letters to be despatched to
Qualifying Shareholders (other
than, subject to
certain exceptions, Overseas
Shareholders with registered
addresses in the United States,
Australia, Canada, Japan, New
Zealand, the Republic of Ireland or
South Africa) in respect of the New
Amlin Shares to be provisionally
allotted to them pursuant to the
Rights Issue
'Qualifying Shareholders' holders of Amlin Shares on the
Company's register of Shareholders
at the Record Date
'Record Date' close of business on 9 January 2002
'Regulations' the Uncertificated Securities
Regulations 1995 (SI 1995/3272), as
amended
'Resolutions' the resolutions set out in the
notice of Extraordinary General
Meeting at the end of the
Prospectus expected to be posted to
shareholders today
'Rights' rights to acquire New Amlin Shares
in the Rights Issue
'Rights Issue' the proposed issue to Qualifying
Shareholders of New Amlin Shares by
way of rights on the basis of 2 New
Amlin Shares for every 7 existing
Amlin Shares held on the Record
Date on the terms and subject to
the conditions contained or
referred to in this document and in
the Provisional Allotment Letters
'Rights Issue Price' 77 pence per New Amlin Share
'Shareholders' holders of Amlin Shares
'UK Listing Authority' the Financial Services Authority in
its capacity as competent authority
under the Financial Services and
Markets Act 2000
'Uncertificated' or 'Uncertificated Form' Amlin Shares recorded on the
Company's register of Shareholders
as being held in uncertificated
form, title to which by virtue of
the Regulations may be transferred
by means of an instruction issued
in accordance with the rules of
CREST
'Underwriting Agreement' the agreement dated 20 December
2001 between the Company and Hoare
Govett, details of which are set
out in paragraph 8(g) of Part 5 of
the Prospectus expected to be
posted to shareholders today.
'United Kingdom' or 'UK' the United Kingdom of Great Britain
and Northern Ireland
'United States' or 'US' the United States of America, its
territories and possessions and any
state of the United States and the
District of Columbia
'US person' has the meaning provided in section
902(k) of Regulation S under the US
Securities Act
'US Securities Act' the United States Securities Act of
1933
GLOSSARY
This glossary sets out some of the commonly used terms and expressions relating
to Lloyd's and London Insurance markets:
'capacity' underwriting capacity or stamp capacity,
as the context requires
'capital loading' adjustments to the theoretical risk based
capital, made to arrive at the actual risk
based capital, having regard for the
specific syndicate's history and record
'cash call' a demand for further cash funding by a
syndicate in order to provide capital to
support continued underwriting after a
large loss or losses have eroded the
original capital in place to support that
syndicate's underwriting
'combined ratio' the ratio of the total of incurred claims
and costs (including acquisition costs),
net of all reinsurance effects, to gross
premiums
'corporate member' a member of Lloyd's which is a body
corporate or a Scottish limited partnership
'Council' the Council of Lloyd's and any person or
delegate acting under its authority,
including the Lloyd's Market Board and the
Lloyd's Regulatory Board
'Equitas' Equitas Reinsurance Limited, the company
into which all non-life liabilities in
relation to 1992 and Prior Business have
been reinsured
'Funds at Lloyd's' funds held in trust at Lloyd's to support a
member's underwriting activities
'LATFs' Lloyd's American Trust Funds
'Lloyd's' the Society and Corporation of Lloyd's
created and governed by the Lloyd's Act
1871 - 1982
'managing agent' an underwriting agent which is listed as a
managing agent on the register of
underwriting agents maintained under the
Underwriting Agents Byelaw (No. 4 of 1984)
and which is responsible for
managing a syndicate and, among other
things, employing the active underwriter
'member' or 'member of Lloyd's' except where the context otherwise
requires, an underwriting member at Lloyd's
'members' agent' an underwriting agent which is listed as
members' agent on the register of
underwriting agents maintained under the
Underwriting Agents Byelaw (No. 4 of 1984)
and which is appointed by a member to
administer his underwriting affairs at
Lloyd's, especially to place him on
syndicates
'Name' or 'individual member' an individual carrying on underwriting
business as a member of Lloyd's with
unlimited liability
'naturally open year of account' a year of account that has not reached the
date of its normal closure by reinsurance
to close
'New Central Fund' a fund established pursuant to the Central
Fund Byelaw (No. 23 of 1996) by Lloyd's
primarily as a policyholders' protection
fund in the event of a member being unable
to meet his/its underwriting liabilities.
The New Central Fund may also be used, with
certain exceptions, for any purpose which
may appear to the Council to further any
of the objects of Lloyds's
'Premiums Trust Fund' the trust fund into which all premiums
received by or on behalf of the members
must be placed and which is available for
payment of claims, reinsurance premiums,
syndicate expenses and, when the relevant
year of account has been closed, profits
'1992 and Prior Business' all liabilities under contracts of
insurance(whether direct or otherwise) or
reinsurance underwritten at Lloyds (other
than long term business as defined in the
Insurance Companies Act 1982) and
originally allocated to the 1992 year of
account or any earlier year of account
including, without limitation, any such
liabilities reinsured to close into the
1993 or any later year of account, but
excluding any liabilities re-signed, or
reallocated pursuant to a premium transfer,
into the 1993 or later year of account
'open year' a year of account of a syndicate prior to
its usual date for closure by reinsurance
to close
'Reconstruction and Renewal Plan' the plan for the reconstruction and renewal
of Lloyd's described in the document
entitled 'Lloyd's: reconstruction and
renewal' sent by Lloyd's to Names in May
1995, as developed and finally incorporated
into the Settlement Offer which was sent to
Names on 30 July 1996
'reinsurance' the insurance of contractual liabilities
incurred under contracts of insurance or
reinsurance
'reinsurance to close' or 'RITC' a reinsurance agreement under which
underwriting members who are members of a
syndicate for a year of account to be
closed are reinsured, by underwriting
members who comprise that or another
syndicate for a later year of account or by
an insurance company designated by the
Council, against all liabilities arising
out of insurance business underwritten by
the reinsured syndicate
'retrocessional' reinsurance of a reinsurer
'Settlement Offer' the document sent to Names on 30 July 1996
incorporating the Reconstruction and
Renewal Plan in its final form
'solvency ratio' the ratio of net premiums to regulatory
capital for an insurer
'stamp capacity' the maximum amount of premium income which
the members of a syndicate together may
accept in a given year of account
'subrogation' the process through which an insurer can
reduce the financial impact of claims made
against it by seeking and agreeing
recoveries from other parties, including
other insurers, if the loss which has given
rise to the claim was caused by a third
party
'syndicate' a group of members of a single corporate
member underwriting insurance business at
Lloyd's through the agency of a managing
agent to which a particular syndicate number
is assigned by or with the authority of the
Council
'underwriting capacity' the premium limit which determines the
maximum amount of business which a member may
underwrite, based on the level of his funds
at Lloyd's, in any year of account
'year of account' an accounting year at Lloyd's,
corresponding with the calendar year, by
reference to which policies are allocated and
accounts drawn up
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