Amlin Plc, a Lloyd?s of London insurer which opened its Bermuda unit on December 1, said the move to establish itself within the Island?s growing insurance market was off to a ?promising start?.

Amlin?s Bermuda unit has so far underwritten $73 million in policies, more than 20 percent of a $350 million target for the year. The company expects $70 million of that business to be passed on by Syndicate 2001, Amlin?s Lloyd?s underwriting unit.

The company gave an update on its Bermuda business on March 10 as it reported 2005 pre-tax profit of ?182.7 million, or about $319 million. That was better, by 42 percent, than the ?128.9 million it made a year earlier. Amlin said its Bermuda unit earning an ?A? financial strength rating from Standard & Poor?s was helping to differentiate it amongst insurance buyers.

Amlin, in 2005, posted catastrophe losses from hurricanes such as Katrina and Wilma of of ?130 million, or $227 million.

The insurer was still able to post a profit on underwriting for the year, recording a combined ratio of 82 percent.