LONDON (ShareCast) - Lloyd's insurer Amlin said the renewal rate reduction for the four months to 30 April was 7.9% with renewal retention at 86%, but added that market conditions continue to be challenging.

Rates for 2008 have continued to soften in its non-marine, marine and Bermudian businesses, although margins remain 'acceptable' as rates come off historic peaks.

Commercial and aviation lines are well positioned to benefit from an anticipated upturn, the group added.

Gross written premium, before deduction of brokerage, incepting in the first four months was £524.2m, 9.3% less than in the prior period.

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