Amlin plc. has been affirmed the issuer credit rating (ICR) of "a-" by AM Best Co.

The debt ratings of "bbb+" have also been affirmed on Amlin's £230 million 6.5 percent subordinated debt, its $50 million 7.28 percent subordinated debt and its $50 million 7.11 percent subordinated debt.

Concurrently, Best has affirmed the financial strength rating (FSR) of A (excellent) and ICR of "a" of Amlin Bermuda Ltd. and the Best's Syndicate Rating of A+ (superior) and ICR of "aa-" of Lloyd's Syndicate 2001, which is managed by Amlin Underwriting Ltd. All ratings have been removed from under review with negative implications and assigned a stable outlook.

The rating actions follow the completion of Best's analysis of the impact of the purchase of Amlin Corporate Insurance NV (ACI), formerly Fortis Corporate Insurance NV, on Amlin's consolidated risk-adjusted capitalisation.

In Best's opinion, Amlin's consolidated risk-adjusted capitalisation remains strong, despite some deterioration following the purchase of ACI. In 2010 and 2011, the group's overall risk-adjusted capitalisation is expected to improve, supported by strong operating results and a reduction of net premiums written at ACI. Additionally, earnings volatility is likely to be lower due to improved geographic diversification and a reduction in the share of business exposed to catastrophe events.

The ratings agency believes that the acquisition of ACI enhances Amlin's global market profile and provides a platform for future expansion in Continental Europe. In Best's opinion, ACI maintains a strong market profile in Belgium and the Netherlands despite the nationalisation in 2008 by the Dutch government of the Fortis group, of which ACI was a member. The company continues to hold leading positions in its core markets of marine, liability and commercial property.