Banks are giving greater backing to Amlin by increasing their support for its underwriting. The Lloyd's insurer will stick with its current underwriting capacity for next year, it announced.
Its Syndicate 2001 capacity will stay at £1bn. The group will have a greater stake in its underwriting, however.
It owns 100% of the syndicate for 2004, equating to a 16% increase from 2003.
Banks led by Lloyds TSB increased their support for Amlin through letters of credit totalling £130m for 2004 compared to £70m in 2003.
Its 12.7% shareholder, State Farm Mutual Automobile Insurance Company cut its support to letters of credit totalling $90m (£51m) compared to $130m (£74m).
