LONDON (Bloomberg) — Amlin Plc, a Lloyd's of London insurer that does about a quarter of its business in Bermuda, said premium revenue dropped 9.3 percent in the first four months of the year as prices declined.

Gross written premiums through April 30 were £524.2 million ($1 billion), compared with £577.9 million a year earlier, the London-based company said yesterday in a statement.

Premium rates on average declined 7.9 percent, the company said.

"Rates for 2008 have continued to soften in our non- marine, marine and Bermudian businesses, although margins remain acceptable as rates come off historic peaks," the company said in the statement.

Property and casualty premiums have declined after two years of lower hurricane-related claims. As UK premium growth slows and credit markets deteriorate amid the fallout from the US sub-prime mortgage market collapse, Amlin has reduced its stock-market holdings and protected more assets by investing in government bonds.

The company had an investment return of 1.3 percent, with funds under management of £2.5 billion, Amlin said.

"Due to our limited Chinese property reinsurance exposure we don't expect to receive material claims notifications for the Chinese earthquake on May 12," Amlin said.

Amlin has declined 2.5 percent in London trading this year, outperforming the FTSE All-Share Non-Life Insurance Index, which fell 5.7 percent.