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For the last four years our primary strategy has been to create
value by building Amlin to become a leading insurer in
the London Market, recognised by insureds and insurance
brokers as a first choice for leading risks in our chosen
fields of expertise. In so doing our aim has been to
achieve returns for our shareholders over the insurance
cycle that are superior to our peers.
CHARLES PHILIPPS
CHIEF EXECUTIVE
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CHIEF EXECUTIVE’S STRATEGY REVIEW
Having reshaped the business in 2000 so that it became more
aligned with client needs and provided a sounder foundation
for development, we set ourselves demanding annual objectives
in terms of both underwriting performance and operational
improvement. These objectives centred around the development
and motivation of our staff, the alignment of our capital strategy
to our underwriting strategy, the enhancement of our risk
management techniques and a drive for efficiency. Our long term
aim has been to increase our appeal to all stakeholders, be they
insureds, broker intermediaries, reinsurance partners, employees,
regulators, shareholders or other capital providers.
The reward to shareholders from our focus in these areas, and
the resultant experienced and motivated team, is now being
recognised in the form of superb levels of profitability. Moreover,
the cautious approach that we have adopted in areas such as
reserving and reinsurance security has contained the risk of
adverse development from prior years. The alignment of our
capital strategy to the underwriting cycle is resulting in leveraged
returns on equity in a period where the risk reward ratio is very
much in the Group’s favour.
The benefit to our other stakeholders is a far more robust
business providing stronger security, greater levels of
professionalism, higher standards of service and assured
continuity. Going forward, the platform now in place provides
tremendous scope for stretching our lead in areas of importance
to brokers and insureds in particular, further enhancing our
appeal and hence our potential for long term growth.
In the paragraphs that follow I comment on a number of features of
our strategic positioning, together with areas for future development.
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