Amlin has named the price it will pay to buy out Names on its Syndicate 2001.
The biggest independent Lloyd's operator also increased its estimate of its WTC losses by £4.7m before tax, but said it planned to resume paying dividends, scrapped because of the 11 September losses.
Amlin is enticing Names to give up their 28% of the syndicate's capacity with a combination of cash and shares.
Buying up all the remaining capacity will cost Amlin between £44.3m and £48.8m depending on Names' choices of cash or shares.
The choice is between 0.2558 new shares valued at about 22p each for each
£1 of capacity. This comes with the right to participate on Syndicate 2001 for the 2003 year of account with the equivalent of a premium income limit of 50p. The other choice is 20p in cash and the same right to participate. There is also a combination of both.
Amlin said the offer had been accepted by Names representing 38% of the capacity not already owned by the group.
