6th May 2008 08:56
Amlin PLC06 May 2008 AMLIN PLC PRESS RELEASEFor immediate release6th May 2008 Amlin launches traded insurance risk venture Amlin plc, the leading Lloyd's insurer, today announces its intention to form anew Investment Management Partnership with John Wells and Luca Albertini. JohnWells will become its Chairman and Luca Albertini its Chief Executive. The new venture, which is subject to FSA authorisation, will manage fundsfocused in traded insurance risk. It is intended that the company will launchits first fund in 2008. This management company is the first such venture to be backed by a Lloyd'sinsurer, whose considerable underwriting expertise significantly strengthens thefund offering. Amlin will be an investor in the fund. For insurers, the capital markets have provided new sources of capital and newinstruments at a time when capital and risk management have become increasinglyimportant. For investors, insurance related assets have provided a new assetclass with a very good risk return profile but with very low correlation totraditional equity, fixed income and real estate asset classes, as has been veryclearly demonstrated during the last year. The Insurance Linked Securities (ILS)market has grown exponentially in the last few years and is an establishedsector within the capital markets and with more insurers and reinsurers activelyparticipating in it as protection buyers or protection sellers. John Wells spent almost 20 years as an investment banker with the NatWest Groupin London and Tokyo. In 2000, he was one of the four founding members of SwissRe Financial Products where he led the development of Swiss Re's platform fortraded insurance risk. Luca Albertini has extensive experience in both banking and insurance havingspent time at the securitisation units of Citicorp, GE Capital (including anassignment within GE's European reinsurance business) and Credit Suisse FirstBoston. From 2003 Luca headed the European Insurance Linked Securities team ofSwiss Re Capital Markets, where he was responsible for developing one of thelargest and most successful ILS teams in Europe. Charles Philipps, Chief Executive of Amlin said: "Amlin intends to be an activeparticipant in the Insurance Linked Securities market, both to enhance ourcapital and risk management capabilities and to generate returns from the growthand high margins available in this business. The combination of Amlin's provenreinsurance expertise with John and Luca's wealth of relevant capital marketsexperience makes the new company a strong proposition in a developing market." John Wells commented, "Amlin is a highly respected specialist reinsurer with aclear strategy to diversify into the traded markets. Through this joint venture,we will benefit from industry-leading intellectual capital, underwriting rigourand outstanding risk origination capability which I believe will provide asuperior risk profile to that normally available to arms length investors." Luca Albertini said, "In this growing industry there is a need for specialisedinvestors which have both a solid understanding of the ILS and capital marketsas well as a proven underwriting record." Enquiries: Charles Philipps, Amlin plc 0207 746 1000John Wells/Luca Albertini 0207 746 1000Hannah Bale, Head of Communications, Amlin plc 0207 746 1118David Haggie / Peter Rigby, Haggie Financial 0207 417 8989 Notes to Editors: Amlin plc is a recognised leader in the London insurance and reinsurance market,providing a global client base with risk management solutions. Amlin specialisesin four business areas: Aviation; Marine; UK commercial; and Internationalproperty and casualty insurance and reinsurance. A FTSE-250 quoted company,Amlin owns 100% of its £825m capacity for 2008 which is written through Lloyd'sSyndicate 2001. Amlin's Syndicate is rated 'A+' (Excellent) by AM Best and 'A1'(Stable) by Moody's. In November 2005, the company established Amlin Bermuda, a reinsurance businesscapitalised at US$1 billion and rated A (Excellent) by A.M. Best and A byStandard & Poor's. In November 2007, the company established Amlin Singapore aspart of the Lloyd's Asia platform to provide regional clients with marineenergy, cargo, property, sabotage and terrorism insurance. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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