As anticipated the trading environment in 2008 provided a number of challenges. Recent experience provides a positive outlook for 2009 and with the growth in our team we look forward to continuing to develop Amlin Bermuda’s business, client initiatives and operational framework.

Amlin Bermuda commenced trading in December 2005. It is capitalised at US$1.4 billion and operates in the reinsurance market.

Business written is predominantly catastrophe reinsurance, similar to that written by Amlin London. Amlin Bermuda also reinsures Syndicate 2001, including a 12.5% quota share. While Amlin Bermuda underwrites in most areas of the world, in 2008 approximately two-thirds of its direct business was generated from the US.