Amlin Underwriting Ltd

Current Syndicates - 2001
Other Syndicates of Interest

08 August 2002Amlin aims to buy out Names
Amlin plans to spend between £44.3M and £48.8M to buy out investors currently supporting Syndicate 2001. Amlin currently own 72.3% of the syndicate and wants to buy out the remaining Names. In exchange for every £1 of capacity underwritten, Amlin is offering either 0.2558 new shares valued at 22p or 20p in cash, or a combination of both. Names will also have the opportunity to benefit from a proportion of the profits made by the syndicate in 2003.

Amlin also announced that it would resume paying dividends. They had stopped paying dividends after it lost £45M in the 11th September terrorist attacks but is to begin again as it benefits from favourable underwriting conditions that are set to continue into 2003.
27 October 2000Amlin Underwriting Limited Reorganisation
Amlin PLC ("Amlin") has released details of a major restructuring and streamlining of it's underwriting.

Syndicate 2001

In conjunction with the merger of Syndicates 902 and 1141 into Syndicate 2001, the Group is replacing it's multi-composite syndicates of Syndicate 2001 with new divisions based on classes of business, using the existing Amlin business brands, as follows:

Harvey Bowring - Catastrophe excess of loss reinsurance (combining the Harvey Bowring and Coles reinsurance businesses), international commercial property and liability insurance and reinsurance and accident and health. John Mumford, currently underwriter of Harvey Bowring will be leaving the Group. This division will be led by Tony Holt.

Coles - London market marine insurance, incorporating the Walker and Coles marine businesses. This division will be led by Simon Beale.

Amlin Aviation - All classes of international aviation business, remaining under the leadership of Rod Dampier.

Amlin Insurance Services - UK commercial broker, property and liability insurance, remaining under the leadership of Brian Carpenter.

Tony Holt remains as underwriting director of Syndicate 2001.

Syndicates 902 and 1141

The arrangements for the run-off of these syndicates are proposed as follows:

Trevor Clegg, underwriter of Syndicate 1141, will be leaving the Group.

Application will be made under the Multiple Syndicates Byelaw for Tony Holt to be appointed as underwriter of Syndicate 1141 with immediate effect. He will also be run-off manager with effect from 1 January 2001.

Adrian Walker has chosen to leave the Group but will remain underwriter of Syndicate 902 until the end of the year. Simon Beale will be appointed run-off manager at that time.

It is currently planned that the run-off exposure of Syndicates 902 and 1141 will be protected within the programme purchased for Syndicate 2001 for the 2001 year of account. The largest capacity share is held by corporate members owned by Amlin PLC. It is Amlin's intention to effect reinsurance to close of both Syndicates into Syndicate 2001 on the closure of the 2000 year of account after 3 years.

All proposals are subject to Lloyd's approval.
01 February 2000CBS creates largest Agency
Christie Brockbank Shipton (CBS) has announced its plans to acquire a group of operations from the Amlin Group for £6.5M (US$10.53M), subject to Lloyd's and other approvals.

This will add some 810 Names to the 350 already looked after by CBS, bringing under one umbrella suppliers of almost 25% of the market's private capital, covering at least 10% of Syndicates.

A substantial number of the Names moving to CBS are in the unlimited liability category. In total they supply £875M for a wide range of underwriting lines.

The Amlin Companies that will change hands are Amlin Private Capital, Murray Lawrence Members' Agency, Murray Lawrence (Underwriting Agents), SBW Insurance Research, BMA Members Agency, Onahau and Stace Barr Holdings.

Amlin chief executive, Charles Philipps said the sale completed the divestment of the group's non-core businesses and allowed it to focus exclusively on underwriting.
09 November 1999John Mumford appointed Underwriter of Sub-Syndicate 362
Mr. John Mumford, who is currently active Underwriter of Syndicate 1141 (managed by Angerstein Underwriting Agencies Ltd), has been appointed as Underwriter of Harvey Bowring & Others (sub Syndicate 362), the leading property casualty business in Syndicate 2001, subject to Lloyd's approval. John Mumford replaces David Shipley who, together with Richard Trubshaw, deputy underwriter of sub-Syndicate 362, has given notice of resignation.

John Mumford was formerly a director of Angerstein Underwriting Trust PLC, and Chief Executive Officer of Angerstein Underwriting Ltd.

22 July 1999Amlin appoint new Underwriting Director
Following the resignation of Richard Keeling as Underwriting Director of Syndicate 2001, Tony Holt will become Underwriting Director subject to Lloyd's approval. Mr. Holt will continue as Active Underwriter of sub Syndicate 40. The position of Underwriting Director will be reviewed as at 31st December, 1999.

David Harries has resigned as a Director of Amlin Underwriting Ltd. and has left the company.
02 July 1999Richard Keeling resigns from Amlin Plc.
Amlin Plc has announced that Richard Keeling has resigned as Chief Executive and from the Board of Amlin Plc with immediate effect. Charles Philipps, previously Finance Director of the Group, will succeed as Chief Executive.
03 June 1999Amlin/Angerstein merger of Syndicates 902 and 1141 into 2001 needs more time!
Lloyd's have granted an extension of the deadline for submission of documents to capital providers from 31st May to 30th June, 1999. This deadline also applies to notice to terminate standard Managing Agent's Agreements.
26 April 1999The merger of Angerstein/Amlin Syndicates 902, 1141 and 2001
Amlin and Angerstein have applied to Lloyd's for consent to merge Syndicates 902, 1141 and 2001 for year 2000. They have also applied for consent to terminate the standard Managing Agent's Agreements with underwriting members of the respective Syndicates. Providing Lloyd's give permission, documentation, including voting papers, will be sent to members and Members' Agents before 30th May, 1999 to make an assessment of the proposed merger.
29 January 1999Syndicate 2001's RITC Offer for Syndicate 173's 1996 and Prior Years
Syndicate 2001 has offered a RITC quote to close Chaucer syndicate 173's 1996 and prior years of account. Business written by sub-syndicate 824 (part of 2001) and syndicate 173 for 1993 to 1998 was written under a consortium arrangement which terminated as at 31st December 1998. Amlin have applied for authorisation from Lloyd's to treat the item as a "Transfer of Assets" into the 1997 account of syndicate 2001 rather than accounting for the premium income in the 1999 account. This has been authorised subject to no objection being received from capital providers. The syndicate has also offered a RITC to Chaucer for the 1997 and 1998 accounts of syndicate 173.

 
 

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