Lloyd’s fines Amlin £630,000 for premium trust deed breach

The Lloyds building in London

The PTD holds market members’ assets in trust which cannot be used to pay for liabilities owed by non-Lloyd's entities. Following a restructure of the Amlin group in 2014, it was found that premiums for outward re-insurance contracts were paid from the premium trust fund on behalf of multiple group entities including the non-Lloyd’s insurance companies. The payments made on behalf of the non-Lloyd’s entities did not relate to the underwriting of AUL’s Syndicate 2001. This constituted a brea