Syndicate 2001 can underwrite up to £1.1 billion of gross premium (after brokerage) for the 2003 account. This makes it the largest independent business at Lloyd’s and a major force in the London Market. Amlin has increased its owned capacity on syndicate 2001 by 115% over the last two years from £400 million for 2001 to £862 million for 2003. The quality of our people is a key ingredient of success. Amlin has strength in depth and breadth, with 46 class underwriters supported by 30 assistant underwriters. This provides the business with stability and continuity. The turnover of senior staff has remained low at 6% in 2002. To retain and continually attract excellent talent, Amlin aims to be the ‘place to work’ in the London market. It is focused on first class employment practices and career training and development. Low staff turnover reinforces consistency and continuity that helps make Amlin the ‘place to go’ for the placement of risk. During 2002 Amlin successfully completed the acquisition of the remaining capacity on syndicate 2001 not already owned. The strong profitability should ensure rapid payback of the acquisition consideration. The total acquisition cost of syndicate capacity has been an average of 6.3p per £1 of capacity. Return on equity achieved in 2002, calculated as the profit after tax as a proportion of the opening equity shareholders’ funds adjusted for the impact of equity issues in the year. Current market conditions should make this the first of a number of years of excellent returns.