Return of Capital

Amlin PLC
14 November 2007



AMLIN PLC

PRESS RELEASE

For immediate release

14 November 2007


Announcement of return of capital of £120 million

Amlin plc ('Amlin' or the 'Company') announces that it will, subject to
shareholder approval at an extraordinary general meeting to be held on 12
December 2007 ('EGM'), return approximately £120 million of capital to
shareholders (the 'Return of Capital'). This equates to 22.4 pence per ordinary
share. Amlin's third quarter trading statement is also being announced
separately today.

The Company is in a financially robust position following a number of years of
strong financial performance and the issuance of long term debt capital in 2006.
Having reviewed the Amlin group's ongoing capital requirements, taking account
of Amlin's desire to be able to respond to opportunities to enhance long term
growth, the Board considers that Amlin is now in a position to make this Return
of Capital to shareholders.

The Return of Capital is being made through an issue of B Shares combined with a
consolidation of Amlin's existing ordinary shares. The benefits of this
combination include: equality of treatment as between shareholders; certainty of
cash return (subject to approval at the EGM); and an enhancement of the per
share dividend paying capacity by reducing the number of ordinary shares in
issue. It also maintains the net tangible assets ('NTA') per share at near to
the same level as before the Return of Capital. Furthermore, through offering
three alternatives to shareholders as set out below, it provides flexibility for
many UK shareholders in terms of tax treatment by allowing them a choice as to
when and in what form they receive the return.

The B Shares will not be listed or tradable on the London Stock Exchange.
Pursuant to the Return of Capital, and conditional on shareholder approval on 12
December 2007, each shareholder will receive one B Share for every existing
ordinary share held on 14 December 2007.

The three alternatives to be given to shareholders with respect to their B
Shares are:

(i)     to have some or all of their B Shares redeemed by Amlin on the
        first redemption date at 22.4 pence per B Share; and/or

(ii)    to receive an initial B Share dividend of 22.4 pence per B Share
        in respect of some or all of their B Shares, following which those B 
        Shares will convert into deferred shares; and/or

(iii)   to retain some or all of their B Shares with the opportunity to
        have such remaining B shares redeemed on specified dates up to August 
        2009 for 22.4 pence per B Share.

It is anticipated that shareholders will receive their cash with respect to B
Shares elected for alternatives (i) or (ii) above on 17 January 2008.

The terms of the share capital consolidation are that ordinary shareholders will
receive 8 new ordinary shares in place of every 9 existing ordinary shares they
own at 6pm on 14 December 2008. The share capital consolidation is expected to
take effect, and the newly consolidated ordinary shares are expected to start
trading on the London Stock Exchange, at 8am on 17 December 2007.

The Directors believe that the shares of the Company and similar insurers are
generally valued by the market in relation to NTA per share. Accordingly, the
share capital consolidation is being calculated by reference to the last
published NTA as at 30 June 2007 with the intention that the NTA per new
ordinary share after the share capital consolidation is approximately equal to
the NTA per existing ordinary share beforehand. The NTA as at 30 June 2007 was
£918 million.

The effect of this share capital consolidation will be to reduce the number of
issued ordinary shares but shareholders will own the same proportion of Amlin as
they did previously, subject to fractional entitlements.

Full details of the Return of Capital will be set out in a circular expected to
be despatched to Amlin shareholders on or around 16 November 2007.

The Board of Amlin is being advised on the Return of Capital by Hoare Govett
Limited.

Enquiries:

Charles Philipps, Chief Executive, Amlin plc                  0207 746 1000
Richard Hextall, Finance Director, Amlin plc                  0207 746 1000
Hannah Bale, Head of Communications, Amlin plc                0207 746 1000
Bob Cowdell, Hoare Govett Limited                             0207 678 8000
John MacGowan, Hoare Govett Limited                           0207 678 8000
Peter Rigby/David Haggie, Haggie Financial Limited            0207 417 8989 




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