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Amlin plc and its operating subsidiaries are highly rated
for their financial strength as shown below.
Syndicate 2001
| Agency |
Ratings |
| A.M.
Best |
A+ (Superior)
"On a three-year funded basis, the syndicate has consistently
produced superior underwriting results with a positive return on
capacity every year since 2001. The 2008 year of account closed
with a return on capacity of 21.5%, despite exposure to hurricanes
Gustav and Ike, and this profitable record is expected to be
maintained in 2009, albeit at a more modest level given the impact
on the year of losses from the Chilean earthquake in early 2010.
The 2010 and 2011 years of account, however, are likely to close
with losses as a result of the series of predominantly non-U.S.
natural catastrophes, to which the syndicate is particularly
exposed, that occurred in those years. The underwriting returns are
likely to be offset in part by releases from prior years' reserves
and by investment income. The syndicate maintains a prudent level
of reserves and has a history of reserve releases since
1998."
(A.M. Best Press Release, 2011)
19/12/2011
A.M. Best's Rating Affirmed
17/12/2010
A.M. Best's Rating Affirmed
16/12/2009
A.M. Best’s Rating Affirmed
04/08/2009
A.M. Best’s Rating Affirmed
22/10/2007
A.M. Best's Rating Upgraded
21/12/2006
A.M. Best’s Rating Affirmed
13/12/2005
A.M. Best’s Rating
Affirmed
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| Moody’s |
A1 (Negative)
"The rating affirmations reflect the Group's good franchise, strong
historic profitability driven in recent years by syndicate 2001,
prudent reserving, excellent asset quality and good financial
flexibility. Offsetting these strengths are the inherent volatility
and cyclicality in a number of business lines of the Group with
high exposure to natural catastrophe perils."
(Moody's Press Release, 2011)
07/09/2011 Moody's Rating Affirmed
06/04/2011 Moody's Rating Affirmed
03/09/2010 Moody's Rating Affirmed
21/12/2005
Moody's Rating Affirmed
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Standard & Poor's |
Lloyd's Syndicate Assessment 4 (Stable)
"Syndicate 2001 is one of the largest and most highly respected
syndicates within Lloyd's. It takes leadership positions on more
than half of the business it underwrites. Although approximately
one-third of its business comprises property-related risks, there
is strong diversification across more than 30 classes of
business."
(RatingsDirect on the Global Credit Portal, 2011)
07/02/2011
Standard & Poor's Rating Affirmed
09/03/2010
Standard & Poor's Rating Affirmed
15/01/2008
Standard & Poor's Rating
Affirmed
22/12/2005
Standard & Poor's Rating
Affirmed
22/12/2005
Standard & Poor's Rating
Affirmed
22/12/2005
Standard & Poor's Rating
Affirmed |
Amlin plc
| Agency |
Analysis |
| A.M.
Best |
a-
"A.M. Best has affirmed the ICR of "a-" of Amlin plc, the
non-operating holding company of the Amlin group of companies, and
the debt ratings of "bbb+" on Amlin's GBP 230 million 6.5%
subordinated debt, its USD 50 million 7.28% subordinated debt and
its USD 50 million 7.11% subordinated debt. The outlook for all
ratings is stable."
(A.M. Best Press Release, 2011)
19/12/2011
A.M. Best's Rating Affirmed
17/12/2010
A.M. Best's Rating Affirmed
05/05/2010 A.M. Best's Rating Affirmed
16/12/2009
A.M. Best’s Rating Affirmed
04/08/2009
A.M. Best’s Rating Affirmed
22/10/2007
A.M. Best's Rating Upgraded
21/12/2006
A.M. Best’s Rating Affirmed
13/12/2005
A.M. Best’s Rating
Affirmed
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| Moody’s |
Baa2 (Negative)
"Amlin reported a large net loss for H1 2011 of GBP151 million,
driven by GBP314 million of catastrophe (cat) losses via Amlin AG
and syndicate 2001, underwriting losses at Amlin Corporate
Insurance (ACI), and lower than expected reserve releases at Amlin
UK. Meaningful non-US cat losses are possible in light of Amlin's
relatively high, though reduced, risk appetite, and its large
international cat account. Nevertheless, the Group's reported cat
losses, which represent a very high 18.2% of YE10 equity, are
outsized in relation to most of its peers, and will significantly
dent Amlin's profitability metrics which historically have been
excellent. Furthermore, Group shareholder's equity reduced by close
to 15% at H1, driven by the net loss and a dividend payment, which
reduces the amount of capital available to cushion potential shock
losses for the rest of the year."
(Moody's Press Release, 2011)
07/09/2011 Moody's Rating Affirmed
11/04/2011
Moody's Credit Opinion
06/04/2011 Moody's Rating Affirmed
03/09/2010 Moody's Rating Affirmed
08/12/2009 Moody's Credit Opinion
21/12/2006
Moody's Company Analysis |
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Standard & Poor's |
BBB+/Stable
"The ratings on U.K.-based holding company Amlin PLC and its core
operations reflect the group's strong competitive position in the
global insurance market, track record of outperformance in
operating metrics, and strong capitalization."
(RatingsDirect on the Global Credit Portal, 2011)
07/02/2011 Standard & Poor's Rating
Affirmed
09/03/2010 Standard & Poor's Rating
Affirmed |
Amlin AG
| Agency |
Ratings |
| A.M.
Best |
A (Excellent)
"Amlin AG's stand-alone risk-adjusted capitalisation remains
excellent despite significant dividend payments to its parent in
2009, 2010 and 2011. Furthermore, as Amlin Re Europe becomes
established and premium income increases, the company's
risk-adjusted capitalisation is likely to reduce but still remain
at an excellent level."
(A.M. Best Press Release, 2011)
19/12/2011
A.M. Best's Rating Affirmed
17/12/2010
A.M. Best's Rating Affirmed
05/05/2010 A.M. Best's Rating Affirmed
16/12/2009
A.M. Best's Rating Affirmed
22/10/2007
A.M. Best's Rating Upgraded
21/12/2006
A.M. Best’s Rating Affirmed
13/12/2005
A.M. Best’s Rating Affirmed |
| Moody’s |
A2 (Stable)
"The revision of the outlook on Amlin AG (formerly Amlin Bermuda)
to stable from positive is driven by the negative outlook on
Amlin's other ratings. Amlin AG has become well embedded into the
Amlin Group, and although still a relatively small contributor to
Group GPW it continues to grow, and accounts for the majority of
the group's net assets. Furthermore, it is the legal entity (having
been redomiciled in Switzerland and renamed Amlin AG) from which
the new Amlin Re Europe business has been launched. However,
Moody's does not believe that Amlin AG's stand-alone credit profile
should be reflected in a higher IFSR than A2, and with a negative
outlook now assigned to syndicate 2001, the outlook has been
revised to stable."
(Moody's Press Release, 2011)
07/09/2011 Moody's Rating Affirmed
06/04/2011 Moody's Rating Affirmed
03/09/2010 Moody's Rating Affirmed
05/05/2010 Moody's Rating Affirmed
21/12/2005
Moody's Rating Affirmed
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Standard & Poor's |
A (Stable)
"The ratings on ABL reflect Standard & Poor's view that the
proposed legal restructuring should reinforce ABL's status as a
core subsidiary of Amlin, owing to the extent of its operational,
strategic, and financial integration with the rest of the group,
and the size of its capital base."
(Standard & Poor's Press Release, 2010)
05/05/2010 Standard & Poor's Rating
Affirmed
15/01/2008
Standard & Poor's Rating Affirmed
22/12/2005
Standard & Poor's Rating
Affirmed |
Amlin Corporate Insurance NV
| Agency |
Ratings |
| Fitch |
A (Positive)
"The
affirmation reflects ACI's strategic importance within the Amlin
group, which Fitch views as core under its rating criteria, based
on material size (30% of 2010 gross written premiums -GWP) and
increasing operational synergies. This relationship is reinforced
by the continued integration process between the two organisations,
ACI's solid financial profile and merging strategic orientation
with that of the wider group. ACI's standalone rating is uplifted
by one notch through Amlin group's stronger financial
profile."
(Fitch's Press Release, 2011)
31/10/2011
Fitch's Rating Affirmed
03/11/2010 Fitch's Rating Upgraded
22/07/2009
Fitch's Rating Affirmed
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Standard & Poor's |
A- (Stable)
"The ratings on Dutch non-life insurer Amlin Corporate Insurance
N.V. reflect the company's strategic importance to the Amlin group.
ACI's stand-alone creditworthiness is underpinned by its strong
capitalization and its still-good, albeit weakening, competitive
position in corporate risks in its main line of business."
(RatingsDirect on the Global Credit Portal, 2011)
07/02/2011 Standard & Poor's Rating Affirmed
09/03/2010 Standard & Poor's Rating Affirmed
22/07/2009 Standard & Poor's Rating
Affirmed
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