Syndicate Results

Amlin PLC
5 March 2001

Press Release

For Immediate Release

5th March 2000


SYNDICATE RESULTS IN LINE WITH EXPECTATIONS

Amlin Underwriting Limited, the leading Lloyd's managing agency owned by Amlin
plc, has published the results of its managed Lloyd's syndicates for the 1998
year of account and updated forecasts for the 1999 year of account.

1998 Result and 1999 Forecast

The 1998 year of account results reflect the poor trading conditions in
worldwide insurance markets during 1998 and are in line with expectations.

For Syndicate 2001, Amlin's principal underwriting operation, the 1998 year of
account suffered from poor results from the UK motor account, which was
trading at the bottom of the cycle, and losses on US and international
casualty lines. However, the Syndicate's 1999 year of account continues to
show an improvement on 1998, despite a high level of worldwide catastrophe
losses and against the general market trend. This improvement reflects
stronger performance from many lines, the closure of the loss making
international casualty business and better trading conditions in the UK
commercial motor business.

Syndicate 902, which has now been merged into the Coles Division of Syndicate
2001, produced a strong performance despite difficult marine market
conditions. However, recent developments on the 1999 year of account have
resulted in a more cautious view being taken.

The 1998 year of account loss for Syndicate 1141 was forecast earlier in the
year. The Syndicate was affected by problems in its US casualty and binding
authority business and reserve strengthening on prior years of account. The
1999 year of account was also a difficult year. As previously announced, the
Syndicate's business has been merged into Syndicate 2001, with its US casualty
and binding authority accounts being substantially cut back and refocused.

2000 year of account

The overall development of the 2000 year of account remains promising,
continuing the upward trend seen in the previous year. This is supported by
considerable improvement in incurred loss ratios for Syndicate 2001, driven by
improving rating conditions, and a continued low level of catastrophe losses.
However, much of the business underwritten for this year remains on risk.



Commenting on the outlook, Charles Philipps, Chief Executive, said :

'Market conditions continue to strengthen in most business areas. With the
benefits of the Group's recent restructuring already being realised through a
clearer focus, a better structured reinsurance programme and a more cost
efficient operation, I am pleased to report that the outlook for Syndicate
2001 is increasingly strong.'

1998 year of account results

The results are after standard Names' expenses, including agents' fees and
profit commission.

Syndicate   Capacity     % owned      Result                 Previous forecasts
No.               £m    by Amlin           %                             % to %
902             37.6         35%         2.1                         0.0 to 5.0
1141            76.2         22%       (26.9)                   (27.5) to (22.5)
2001           528.7         24%        (5.5)                     (7.5) to (3.5)
Total          642.5                    (7.6)                     (9.4) to (5.3)

1999 year of account forecasts

The forecasts, which are set out below, are expressed in a 5% range as a
percentage of capacity and are after standard Names' expenses, including
agents fees and profit commission.

Syndicate  Capacity   % owned        Latest forecasts        Previous forecasts
No.              £m  by Amlin                  % to %                    % to %
902            37.6       45%          (7.0) to  (2.0)            (4.0) to 1.0
1141           76.2       52%         (20.0) to (15.0)          (19.0) to (14.0)
2001          454.0       35%          (6.0) to  (1.0)            (6.0) to (1.0)
Total         567.8                    (7.9) to  (2.9)            (7.6) to (2.6)



Enquiries:
Charles Philipps Amlin plc                                 0207 746 1000
Richard Hextall Amlin plc                                  0207 746 1000
David Haggie Haggie Financial Limited                      0207 417 8989