Amlin plc is making a recommended offer on behalf of Amlin Corporate Member Ltd to acquire all of the outstanding capacity on Syndicate 2001, for the 2003 and each subsequent year of account, not alre ...
Amlin plc is making a recommended offer, on behalf of Amlin Corporate Member Ltd, to acquire all of the outstanding capacity on Syndicate 2001, for the 2003 and subsequent years not already owned by the group.
The Amlin board said it has now decided that, in the absence of any other extraordinary losses, it expects to resume interim and final dividend payments. Dividends were omitted in 2001 in view of the scale of the losses from September 11 attacks and the underwriting opportunities existing at that time.
The company also said today that its share of Syndicate 2001's estimated losses from the terrorist attacks has increased by approximately £4.7m before tax.
Amlin said it will pay for the outstanding capacity in new Amlin shares or cash plus, in each case, limited tenancy capacity for the 2003 year of account only.
If members accept the share offer in full, it will result in Amlin issuing around 56,708,346 new shares valued at £48.8m.
Amlin's board believes favourable underwriting conditions will continue for the remainder of 2002 and into 2003.
