Annual Report 2008

Capital and financial strength

With net assets of £1.2 billion and additional available debt capital and facilities amounting to some £0.5 billion, Amlin is in a robust financial position. This is recognised by the stronger Financial Strength Ratings that Syndicate 2001 and Amlin Bermuda have relative to Lloyd’s as a whole and the majority of new Bermudian companies started in 2005.

Our capital and available resources are some £700 million in excess of minimum capital requirements. Having in the last three years returned a total of £190.7 million of cash to shareholders, over and above ordinary dividends, through a mixture of special dividends, redeemable B shares and share buy-backs, we now believe that it is more appropriate to retain capital. This reflects a combination of heightened uncertainty in financial markets placing an increased premium on balance sheet strength, and our intention to grow both organically and by acquisition given the improving outlook for underwriting. Our ability to steadily grow ordinary dividends is also reinforced by maintaining a strong capital position

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