Amlin in brief
Syndicate 2001 at Lloyd’s
Ratings: AM Best – A+ (Superior), Moody’s – A1 (Stable),
Standard & Poor’s – 4 (Stable).
Lloyd’s of London is the world’s leading specialist insurance market, with 66 syndicates and capacity of £16.1 billion in 2007. It is the largest property and casualty reinsurance market in the world and the second largest surplus lines market for US risk.
Non-marine
Key statistics for 2007
- Gross premium written of £500.6 million
- Net earned premium of £426.2 million
- Combined ratio of 59%
- Number of senior underwriters*: 14
- Senior underwriter turnover+: 0%
Non-marine underwrites a diverse portfolio of property and casualty insurance and reinsurance classes although the focus remains short tail. It is a major lead reinsurer of property catastrophe exposures. This is complemented by more attritional lines including casualty, auto and medical expenses.
The division leads 49% of the business it writes. 63% of the business emanates from the US, where it is written on an insurance (typically surplus lines) and reinsurance basis.
The division’s main competitors are other syndicates in the Lloyd’s market, major European reinsurers, US property and casualty companies and the Bermudian market.
Marine
Key statistics for 2007
- Gross premium written of £187.2 million
- Net earned premium of £157.1 million
- Combined ratio of 81%
- Number of senior underwriters*: 9
- Senior underwriter turnover+: 11%
Marine writes a mixture of volatile classes, like energy and war, and more attritional classes, such as hull and cargo. 41% of business is written on a lead basis. Business is worldwide, reflecting the nature of the risk. However, yacht and bloodstock have a greater UK focus.
The global marine market consists of Lloyd's, European reinsurers and specialist markets. In terms of specialist markets, the Norwegian marine (Cefor) hull market has competed strongly in this sector over the last decade and now challenges Japan as the second world market to London for this business.
Aviation
Key statistics for 2007
- Gross premium written of £63.6 million
- Net earned premium of £47.0 million
- Combined ratio of 68%
- Number of senior underwriters*: 7
- Senior underwriter turnover+: 0%
Aviation classes are exposed to large aviation disasters and potentially catastrophic losses. The line size required in this area is large and a comprehensive reinsurance programme is fundamental to writing this business.
The division leads 44% of business written. Business is predominately written in US dollars. In 2007, 44% of premium was sourced from the US, with the UK and Europe contributing a further 39% of business.
The global aviation market consists of the Lloyd’s market, European reinsurer’s and specialist markets around the world. The market includes a number of major participants, such as Global Aerospace and the AIG Group.
UK Commercial
Key statistics for 2007
- Gross premium written of £149.2 million
- Net earned premium of £130.3 million
- Combined ratio of 85%
- Number of senior underwriters*: 16
- Senior underwriter turnover+: 22%
The UK commercial market underwrites UK motor, property and casualty business. The market includes companies such as Royal & Sun Alliance, Norwich Union and Axa.
UK Commercial underwrites mainly UK based clients, with the majority of risks written on a 100% basis. The portfolio consists of well managed motor, liability and property insurance risks. The property book is growing steadily particularly in relation to specialist scheme business.
Amlin Bermuda
Ratings: AM Best – A (Excellent), Moody’s – A2 (Stable),
Standard & Poor’s – A (Stable).
Bermuda hosts 15 of the top 35 reinsurers worldwide, and approximately 1,200 international insurance companies, more than 40 of which hold US$1 billion or more in capital and surplus. Bermuda’s insurance business is dominated by excess property, excess casualty and property catastrophe reinsurance.
Amlin Bermuda
Key statistics for 2007
- Gross premium written of £232.8 million
- Net earned premium of £216.2 million
- Combined ratio of 46%
- Number of senior underwriters*: 2
- Senior underwriter turnover+: 0%
The Bermudian market specialises in large commercial risks and reinsurance. It has grown to be a significant market, particularly for US risks.
Amlin Bermuda began trading in December 2005. It is capitalised in excess of US$1 billion and competes in the specialist reinsurance market.
Amlin Bermuda sources much of its business through global brokers operating in the London subscription market.
The business writes predominantly catastrophe reinsurance and property reinsurance similar to that written in London. 62% of business was generated from the US in 2007.
*Senior underwriters are leading class underwriters and class underwriters.
+Senior underwriter turnover represents voluntary turnover.
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