Review
Chief Executive’s statement
People
We continue to place great emphasis on the retention and recruitment of high quality employees who share the Group’s values. Yet again our employee turnover has been low with total and senior underwriter voluntary turnover ratios at 2.4% and 4.2% respectively for 2008.
The Compass project which was initiated in 2007 to identify and help develop future potential business leaders has continued during 2008 and helped our succession planning and organisational change referred to above. As Group Underwriting Director, Tony Holt helped establish a strong underwriting culture across Amlin. This will continue despite his retirement and will be reinforced by the new underwriting leadership. We are grateful to our employees for their hard work and achievements in 2008.
Summary
2008 was affected by above average catastrophe activity and unprecedented financial markets. Both of these reinforce the importance of capital strength, caution on investment strategy, high quality people and sound risk management. Amlin has what is needed in each of these and is well placed to take advantage of both improving underwriting margins and opportunities to grow the business. We are fortunate to be a leader in a sector for which the outlook is today more positive than most.
Charles Philipps
Chief Executive
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