Underwriter Amlin bought an additional £13m in managed capacity for 6.5p per pound of capacity at the July Lloyd's auctions, the company has announced.
This represented all the capacity tendered for at the auction and raised Amlin's share from 58% to 60% for the 2001 year of account, chairman Roger Taylor told his AGM.
He said Amlin expected to buy more capacity in the remaining auctions.
Taylor said: “Amlin has continued to make strong progress in the first half of 2000. The integration of syndicates 902 and 1141 with 2001, which was approved by shareholders during the year, is
proceeding according to plan.”
On current trading, he said: “Market conditions are improving across most areas of the business, except the marine market where rating improvements are patchy or inadequate.”
Taylor added that while the company would continue to limit exposure in that area, it intended to increase overall syndicate capacity for the 2001 year of account to £575m from £538m, reversing the trend of recent years.
“Coupled with increased capacity utilisation following the syndicate merger, this will allow us to take advantage of improving underwriting conditions,” he said.