Capacity Offer Update

Amlin PLC
02 September 2002


                  CAPACITY OFFER UNCONDITIONAL IN ALL RESPECTS

                                 PRESS RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR ANY PROHIBITED OR EXCLUDED TERRITORY.

Amlin plc

2 September 2002

FOR IMMEDIATE RELEASE

                                   AMLIN PLC

                  CAPACITY OFFER UNCONDITIONAL IN ALL RESPECTS

Amlin announces that its offer for the outstanding capacity on Syndicate 2001
not already owned by the Group ('Capacity Offer') has become unconditional in
all respects.

This follows the admission today of the New Amlin Shares to be issued as
consideration under the Capacity Offer to the Official List of the UK Listing
Authority and to trading on the London Stock Exchange's market for listed
securities.

The Capacity Offer remains open for acceptance until 3.00p.m. on 16 September
2002.  It was announced on 30 August 2002 that the level of valid acceptances as
at the first closing date, 10.00 a.m. (London time) on 30 August 2002,
represented approximately 85.0 per cent. of the outstanding Capacity on
Syndicate 2001 not already owned by the Group.  In total the Group now holds or
has received valid acceptances in respect of approximately 95.8 per cent. of the
total Capacity on Syndicate 2001.

Further to that announcement, the consideration to be paid in respect of the
valid acceptances as at the first closing date will be approximately 13.87
million New Amlin Shares and approximately £26.85 million in cash.

Terms used in this announcement have the same meaning as in the Offer Document
dated 2 August 2002 unless the context otherwise requires.

Enquiries:

Amlin

Charles Philipps                     Tel: [phone]

Richard Hextall                      Tel: [phone]

KPMG Corporate Finance

Richard Barlow                       Tel:  [phone]

Haggie Financial Limited

David Haggie                         Tel:  [phone]



The contents of this announcement have been approved by KPMG Corporate Finance
of 8 Salisbury Square, London EC4Y 8BB for the purpose of Section 21 of the
Financial Services and Markets Act 2000.

KPMG Corporate Finance, a division of KPMG LLP which is authorised by the
Financial Services Authority for investment business activities, is acting as
financial adviser to Amlin and Lloyd's sponsor to Amlin Corporate Member Limited
in relation to the Capacity Offer and is not acting for any other person in
relation to such Capacity Offer. KPMG Corporate Finance will not be responsible
to anyone other than Amlin or Amlin Corporate Member Limited for providing the
protections afforded to its clients, or for providing advice in relation to the
Capacity Offer or any other matter referred to herein.

The Share Offer, which forms part of the Capacity Offer, is not being made
available to Members who are resident or domiciled outside the United Kingdom or
who are US persons. Such Members (other than Members resident or domiciled in
the Prohibited Territory or in any of the Excluded Territories) may only accept
the Cash Alternative. Neither the Share Offer nor the Cash Alternative is being
made available to Members resident or domiciled in the Prohibited Territory or
in any of the Excluded Territories.

This announcement does not constitute a solicitation, invitation or offer to
persons in the United States or any other jurisdiction where a solicitation,
invitation or offer could be contrary to law. Accordingly, this announcement is
not being, and must not be, mailed or otherwise distributed or sent in, into or
from the United States (whether by use of the mails or by any means or
instrumentality of interstate or foreign commerce), Canada, Japan or Australia
or the Prohibited Territory or Excluded Territories and persons receiving this
announcement (including custodians, nominees and trustees) must not distribute
or send it in, into or from the United States, Canada, Japan or Australia or the
Prohibited Territory or Excluded Territories.

This announcement has been prepared in accordance with Lloyd's requirements.
Amlin has confirmed to Lloyd's that this announcement complies with the Capacity
Offer Rules. This announcement has not been approved by Lloyd's.

This announcement relates to a Capacity Offer by Amlin, on behalf of Amlin
Corporate Member Limited. Amlin Underwriting Limited, a wholly-owned managing
agency subsidiary of Amlin, is interested in this Capacity Offer.

Any person who is considering accepting the Capacity Offer should read carefully
the Offer Document relating to the Capacity Offer and the risk factors set out
therein. The Offer Document, which contains details of the Capacity Offer, has
been prepared in accordance with the Capacity Offer Rules and has been issued in
accordance with the Capacity Offer Rules. Copies of the Offer Document are
available from the offices of Amlin at St Helen's, 1 Undershaft, London, EC3A
8ND. Copies of the Prospectus relating to the issue of shares under the Capacity
Offer are also available from the offices of Amlin at St Helen's, 1 Undershaft,
London, EC3A 8ND and, for inspection only, at the Document Viewing Facility, UK
Listing Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.

The Syndicate Business Forecast for the 2003 year of account for Syndicate 2001,
when published, will be available for inspection during normal working hours on
reasonable notice and copies will be available free of charge, to Members,
Members' Agents and MAPA Operators from the date of its publication during
normal business hours on any weekday (excluding public holidays) at the offices
of Amlin whilst the Capacity Offer remains open for acceptance.

The securities being issued pursuant to the terms of the Capacity Offer may be
illiquid and there may not be a market for them.  The value of securities may go
down as well as up. UK Members who elect in whole or in part for the Share Offer
may not get back all or any of the cash consideration which they would have
received pursuant to the Cash Alternative. The past performance of a share is
not necessarily an indication of its future performance.

This announcement is not an offer of existing Amlin Shares or New Amlin Shares
for sale into the United States or to, or for the account or benefit of, US
persons. The existing Amlin Shares and the New Amlin Shares have not been and
will not be registered under the US Securities Act of 1933 and may not be
offered or sold in the United States, or to or for the account or benefit of, US
persons unless they are registered or exempt from registration. There will be no
public offer of the New Amlin Shares in the United States.


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