Amlin has reported gross written premium for 2006 of £882m, up 19% over the same period in 2005.
Syndicate 2001's GWP was £783m (including £28m from Amlin Bermuda), compared to £744m for the previous year at comparable rates of exchange. Amlin Bermuda has written $250m of new premium income for the group, including the cessions referred to above but excluding the whole account reinsurance of Syndicate 2001.
The average renewal rate increase for Syndicate 2001 for the year was 6.25% with renewal retention at 77%, with rating trends similar to that reported in November. The non-marine and marine markets, where the rating environments have been strongest, have been the growth areas for the group.
In terms of the January renewals, Amlin has written total income to date of £254m, a 12% rise on the previous year. The overall renewal rate increase achieved by Amlin across all classes was 1%. Reinsurance rates remained healthy with average rate improvements on US catastrophe business of 20% and reductions for international catastrophe reinsurance rates of 5%. Amlin Bermuda's underwriting is concentrated on reinsurance classes. The company had an excellent start to the year, and, excluding the whole account reinsurance of Syndicate 2001, has written $87m to date, a 58% increase on business written at this stage last year.
Charles Philipps, chief executive of Amlin added:
“2006 was an excellent year for Amlin with strong premium growth into a benign claims environment. 2007 has begun well and we are pleased with the Group's underwriting position through the important 1 January renewal season.”
