Lloyd’s Syndicate 2001 Assigned

January 26, 2004

A.M. Best Co. assigned a Best’s Syndicate Rating of “A” (excellent) to Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Ltd. The outlook is stable. The rating reflects the syndicate’s excellent profile and prospective financial performance, in addition to the financial strength of the Lloyd’s market, currently rated “A-” (excellent), which underpins the security of all Lloyd’s syndicates.

Syndicate 2001 operates as a composite syndicate and writes a well-diversified account by class of business and territory with a U.S. and U.K. emphasis. It is a market leader for most of the classes it writes, which include property, aviation, marine, commercial motor and casualty.

Gross premium income has grown by 82 percent since 2001 to a projected $1.66 billion in 2003, driven by rate increases and increased premium volume. Best expects excellent profits when the 2002 and 2003 years of account are closed. A profit of 1 percent on capacity is projected for 2001, which Best regards as a strong performance considering this underwriting year was significantly affected by World Trade Center losses. The syndicate has consistently performed above the Lloyd’s market average since its formation in 1997, with projected results for 2001-2003 likely to be in Lloyd’s upper quartile.

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