<PAGE>



                                                                   Exhibit  20.3



                         INDEPENDENT ACCOUNTANTS' REPORT



Mellon Bank Premium Finance Loan Master Trust
c/o Wells Fargo Bank Minnesota, N.A., as Trustee:

AFCO Credit Corporation, as Servicer
AFCO Acceptance Corporation, as Servicer

We have examined the accompanying assertion made by management on AFCO Credit
Corporation's and AFCO Acceptance Corporation's (jointly, AFCO) compliance, as
Servicer, with Sections 4.2, 4.3, 4.5 and 8.8 of the Pooling and Servicing
Agreement for the Mellon Bank Premium Finance Loan Master Trust and Sections
4.7(a)(i) and 4.8 of the Supplement (Series 2001-1), both dated June 15, 2001
(as amended, collectively, the Agreement), for the period June 15, 2001 through
December 31, 2001. Management is responsible for AFCO's compliance with the
aforementioned sections of the Agreement. Our responsibility is to express an
opinion on management's assertion about AFCO's compliance based upon our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about AFCO's
compliance with the aforementioned sections of the Agreement and performing such
other procedures as we considered necessary in the circumstances. We believe our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on AFCO's compliance with the Agreement.

In our opinion, management's assertion that AFCO was materially in compliance
with the aforementioned sections of the Agreement for the period June 15, 2001
through December 31, 2001, is fairly stated, in all material respects.


/s/ KPMG LLP
----------------------


Pittsburgh, Pennsylvania
March 15, 2002



<PAGE>

       MANAGEMENT REPORT ON AFCO CREDIT CORPORATION'S AND AFCO ACCEPTANCE
 CORPORATION'S COMPLIANCE, AS SERVICER, WITH THE SERVICING REQUIREMENTS OF THE
                         POOLING AND SERVICING AGREEMENT


Management of AFCO Credit Corporation and AFCO Acceptance Corporation (jointly,
"AFCO"), as Servicer, is responsible for compliance with the servicing
requirements in Sections 4.2, 4.3, 4.5, and 8.8 of the Pooling and Servicing
Agreement for the Mellon Bank Premium Finance Loan Master Trust and Sections
4.7(a)(i) and 4.8 of the Supplement (Series 2001-1), both dated as of June 15,
2001 (as amended, collectively, the "Agreement").

Management has performed an evaluation of AFCO's compliance with the
aforementioned sections of the Agreement for the period June 15, 2001 through
December 31, 2001. Based upon this evaluation, management believes that, for the
period June 15, 2001 through December 31, 2001, AFCO, as Servicer, was
materially in compliance with the aforementioned sections of the Agreement.

 /s/ Daryl J. Zupan                            /s/ C. Leonard O'Connell
---------------------                         --------------------------------
Daryl J. Zupan                                C. Leonard O'Connell
President                                     Senior Vice President, Treasurer,
                                              and Chief Financial Officer


March 15, 2002