Lloyd’s insurer and reinsurer Amlin PLC is not going to follow the lead of some of its rivals and redomicile in Bermuda, chief executive Charles Philipps told a telephone conference call yesterday.

Last year Hiscox PLC and Omega Insurance Holdings PLC said that they would be redomiciling to the Island, attracted by its zero corporate tax rate and proximity to the US markets.

“Redomiciling won’t have an enormous franchise benefit,” Mr. Philipps told reporters. “We have 620 people in our London office and 14 people in our Bermuda office. Our Amlin Bermuda business is going well and merging in well.”

The company also announced yesterday that its Bermuda unit contributed around $200 million to Amlin’s 2006 profits.

Mr. Philipps assuaged the worries of investors who may think Amlin might suffer from a decision by Florida’s regulators to reduce property insurance rates, setting discounts that carriers must pass along to policyholders.

He said in a statement that although the increased demand would reduce demand for industry insurance cover and drive up competition in other areas, it would reduce the amount of reinsurance sold in Florida by only $40 million.

“That is not a material change to our business,” he said.

Earlier yesterday Amlin reported strong full-year pretax profits, rising to $342.7 million from $186.7 million in 2005, an increase of 84 percent, thanks to a low level of natural catastrophes, and good contribution from its Bermudian unit, which added $100 million. Combined ratio — costs and claims expenses expressed a proportion of premium income and a key indicator of profitability — fell to 72 percent from 82 percent.

“The combined ratio is very healthy,” Mr. Philipps said.

However, he did note that the sliding US dollar was something he would be looking out for.

“The US dollar did affect us negatively,’ he said, noting that it had cost them $28 million last year. “We’re watching it closely.”