Update on hurricane claims an
AMLIN PLC
PRESS RELEASE
For immediate release
20 October 2008
UPDATE ON HURRICANE CLAIMS AND INVESTMENTS
This announcement provides Amlin plc's ('Amlin') first estimate of claims incurred from this year's hurricane season to date and provides an update on its investment performance.
The Group expects that the market insured loss for Hurricane Ike will be in excess of $16 billion which is higher than modelling agents' current estimates. This is due to the far reaching impact of the storm both on offshore energy installations and on the mainland.
The Group's estimated claims from Hurricanes Gustav and Ike are $285 million, net of reinsurance and reinstatement premiums. This figure is comprised of $137 million for Syndicate 2001 and $148 million for Amlin Bermuda. Amlin estimates that these events will reduce its forecast 2008 profit after tax by approximately £45 million.
The Group's investment return for the nine months to the end of September was 0.4% on average investments of £2.6 billion. The investment allocation at 30 September 2008 was 59.5% bonds, 30.9% cash and cash equivalents, 6.6% global equities and 3.0% global property. These portfolios are currently unhedged.
Amlin will issue its interim management statement on 19 November 2008.
Enquiries:
Charles Philipps, Amlin plc 0207 746 1000
Richard Hextall, Amlin plc 0207 746 1000
Hannah Bale, Amlin plc 0207 746 1118
David Haggie, Haggie Financial LLP 0207 417 8989
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 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 US$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.
This information is provided by RNS
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