Amlin has said that its newly formed business, Amlin Bermuda (ABL), capitalised at $1bn, has now started to trade.
The company said a team of underwriters, led by John Andrews, a former Syndicate 2001 senior underwriter, is in situ in Bermuda, ready to participate in the 1 January renewal season.
ABL is focused on establishing a geographically spread catastrophe and property reinsurance account.
Additionally, to provide ABL with increased diversity, it
is likely to underwrite a whole account quota share and some class specific surplus treaties of Syndicate 2001.
Charles Philipps, chief executive of Amlin said: "This is an exciting new development for Amlin, providing a further avenue for growth. To be up and running in good time for the January 2006 renewals is the result of some excellent teamwork across the Group. I believe we are well positioned to make every success of this new venture."