Trading in the second half of 2003 went well for Amlin, said chief executive Charles Philipps in a trading update ahead of the group's announcement of its full year results.
Philipps said the strength of the current renewal season supported the company's previously stated view that the outlook for 2004 was very good.
In advance of Amlin's results for the year ended 31 December 2003, which will be published on 11 March, Philipps said a number of factors influencing the global insurance industry required continued underwriting discipline.
He said there was market expectation that reserving issues would continue to emerge for the legacy casualty business, and, combined with low bond yields and credit ratings downgrades, this should focus insurance operations on producing strong underwriting returns.
Amlin said that for Syndicate 2001, renewal rates, particularly for property and property reinsurance business, were satisfactory. The company said that despite signs of greater competition, there had been only modest reductions in rating levels from those in 2003.
A number of marine, non-airline aviation and liability classes continued to see improvement in rating levels, said Amlin.
