Underwriting Capacity
December 17 2003 - 3:57AM
UK Regulatory
Amlin Plc
CONFIRMATION OF REGULATORY UNDERWRITING CAPACITY
Amlin plc ("Amlin") confirms that Syndicate 2001's regulatory underwriting
capacity for 2004 is being maintained at its 2003 level of �1 billion. Amlin
owns 100% of its managed Syndicate 2001 for the 2004 year of account. This
equates to 16% growth in Amlin's owned underwriting capacity from 2003.
Amlin's capacity for 2004 is supported through its own resources, by letters of
credit totalling �130 million from a syndicate of banks led by Lloyds TSB Bank
plc (2003: �70 million) and by letters of credit totalling US$90 million
provided through Amlin's 12.7% shareholder, State Farm Mutual Automobile
Insurance Company (2003: US$130 million).
17 December 2003
Enquiries:
Richard Hextall 020 7746 1000
Finance Director, Amlin plc
Explanatory note:
Lloyd's regulatory capacity is a ceiling on premium income, net of brokerage,
related to a group's Funds at Lloyd's at the start of the year. Premium income
during the year may or may not reach such levels.