Amlin raises Tier Two debt

Amlin PLC
20 April 2006

AMLIN PLC



PRESS RELEASE

For immediate release

20 April 2006



                           Amlin raises Tier Two debt


Amlin plc ('Amlin'), the leading Lloyd's insurer, announces that it has
conditionally agreed to raise £230 million of long term subordinated debt,
through the issue of Fixed/Floating Rate Subordinated Notes due 2026 ('the Issue
'). The Issue qualifies as Lower Tier Two regulatory capital. Amlin will use the
proceeds to fully refinance existing Letters of Credit and partially refinance
term loans.



The Issue is callable on 19 December 2016 and bears an initial interest at the
rate of 6.5% per annum, payable annually in arrear, representing a spread of 200
basis points over the semi-annual yield of the benchmark gilt. Following the
call date the interest rate resets at 266 basis points (incorporating a step up
of 100 basis points) above the London interbank offered rate ('LIBOR'), payable
quarterly in arrear. The Issue has been assigned a rating of bbb by A.M. Best
and is expected to be assigned a rating of BBB- by Standard & Poors and Baa3 by
Moody's. The Issue is to be listed on the London Stock Exchange.



Commenting on the Issue, Richard Hextall, Group Finance Director said, 'Amlin is
delighted to have raised a further £230 million of subordinated debt to
refinance facilities put in place to fund our recent expansion in Bermuda. The
Issue was heavily oversubscribed and we are pleased with the positive response
we have received from investors.'



'The Issue, together with the expected repayment of the £150 million Bridge Loan
in June 2006, substantially lengthens the maturity profile of our debt financing
and strengthens our balance sheet.'



Barclays Capital and JP Morgan Cazenove acted as Joint Lead Managers on the
Issue. Completion of the Issue, which is subject to certain conditions, is
expected to occur on 25 April 2006.



                                     -Ends-



Enquiries:

Amlin plc            020 7746 1000

Richard Hextall, Group Finance Director
Hannah Bale, Head of Communications


Haggie Financial     020 7417 8989

Peter Rigby



Notes for Editors:



Amlin plc is a recognised leader in the London insurance and reinsurance market,
providing a global client base with risk management solutions. The Amlin group
comprises five main businesses: Aviation; Marine; UK Commercial; Non-Marine &
Reinsurance (international property and casualty insurance and reinsurance) and
Amlin Bermuda.



A FTSE-250 quoted company, Amlin owns 100% of its £1 billion of Lloyd's capacity
for 2006, which is written through Syndicate 2001.  Amlin's Syndicate is rated '
A' (Excellent) by A.M. Best and 'A1' (Good) by Moody's.



Amlin Bermuda Limited is capitalised at US$1 billion and began trading in
December 2005.  This diverse reinsurance business is rated 'A' (Strong) by
Standard & Poors, 'A-' (Excellent) by A.M. Best and 'A2' (Good) by Moody's.






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