Update on Catastrophe Estimates and Rate Movements

RNS Number : 9690J

Amlin PLC

07 July 2011

 



Amlin plc

7 July 2011

PRESENTATION FOR ANALYSTS & UPDATE ON CATASTROPHE ESTIMATES AND RATE MOVEMENTS

Presentation for analysts

Amlin plc will be holding a presentation for analysts at 4.00 pm today, Thursday 7 July 2011, on the subject of Catastrophe Underwriting and Risk Management.

The presentation slides and details of the investor web cast will be available on Amlin's web-site, www.amlin.co.uk or by accessing the link below.

Update on catastrophe estimates

Amlin estimates net claims from the two major US tornadoes during April and May 2011 of approximately $50 million.    

Estimated claims from the New Zealand and Japan earthquakes remain subject to uncertainty. The net reserve for these events remains materially unchanged.  

As previously advised, any deterioration in loss estimates will be partly recoverable from our reinsurance programme.  In addition the structure of the reinsurance programme for London allows for significantly increased reinsurance protection being available for future major events in 2011.  During the second quarter of 2011, Amlin purchased an additional $40 million of cover to further extend this reinsurance protection.

Update on catastrophe reinsurance rate movements

Rates for US catastrophe reinsurance underwritten by Amlin are estimated to have increased by 7% for the June and July renewals.  

In International catastrophe reinsurance, renewal rates on Amlin's portfolio are estimated to have increased by 50% over the same period.

Amlin will report 2011 Interim Results on 22 August 2011.

Enquiries:
Charles Philipps, Chief Executive, Amlin plc	0207 746 1000
Richard Hextall, Finance Director, Amlin plc	0207 746 1000
Analysts and Investors
Julianne Jessup, Head of Investor Relations, Amlin plc	0207 746 1961
Ed Berry Financial Dynamics	0207 269 7297
Media Hannah Bale, Head of Communications, Amlin plc	0207 746 1118
Ed Gascoigne-Pees, Financial Dynamics	0207 269 7132
Webcast Lourens Kavelaars, Amlin plc	0207 746 1422
Webcast Link

http://event.onlineseminarsolutions.com/r.htm?e=332973&s=1&k=E50C0ECF77E7A5C9FAB7AEDF56555DCD

 

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