Confirmation of Regulatory Underwriting Capacity
17 December 2003
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).
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.
