Annual Report 2005
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  Overview
  Introduction
    Our markets
    Business strengths
  Amlin at a glance
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  Delivering Value
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  Outlook for 2006
Operating & Financial Review
Our markets

The global commercial insurance markets comprise the following
main participants:

The Lloyd's market

Competes with Amlin across all its business classes
  • A significant proportion of overall business is sourced from the United States and United Kingdom Lloyd's strong brand attracts large and complex risks and it is the second largest market for US surplus lines business
  • Total market capacity in 2005 was £13.7 billion
  • There are 62 syndicates operating in the market with an average 2006 capacity of £238 million
  • Lloyd's accounts for approximately 54% of the London insurance market and retains prominent market positions in marine, aviation and catastrophe reinsurance where it has global market shares of respectively 12%, 27%, and 3% (2004 estimates)

The major European reinsurers
Compete mainly with Amlin's reinsurance segment of the
non-marine business, Amlin Bermuda and the marine and aviation segments
  • There are around 28 European reinsurers each with 2004 net reinsurance premiums in excess of £500 million
  • They account for around 52% of global net reinsurance premiums and have a bias towards European and non-US international reinsurance exposures

The Bermudian market
Competes with Amlin's reinsurance and large commercial property segments of the
non-marine business and Amlin Bermuda
  • Specialises in large commercial risks and reinsurance
  • Has grown to be a significant market, particularly for
    US risks and today accounts for around 9% of global reinsurance premiums
  • There are around 20 Bermudian reinsurers each with 2004 net reinsurance premiums in excess of US$100 million

The US property and casualty companies
Compete mainly with Amlin's
non-marine business
  • They underwrite mainly US domestic risks. Some have a regional focus and some operate nationwide in the US. Some specialise in particular niches
  • There are approximately 100 US property and casualty companies each with gross premium income of over US$1 billion

UK commercial insurers
Compete mainly with Amlin's UK commercial business and to a lesser extent its marine business
  • They underwrite UK motor, property and liability business covering personal lines and/or commercial customers
  • They include companies such as Royal & Sun Alliance, Norwich Union and Axa
  • There are around 370 UK non-life insurers with total
    gross premium income in 2004 of over £42 billion


Specialist markets around the world
Compete mainly with Amlin's aviation and marine businesses
  • The global aviation insurance market includes a number of major participants, such as Global Aerospace, USAIG and AIG who between them account for an estimated 26% of the world's aviation premiums
  • 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



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