With the jumpers removed, each side sees 200w (which you must do otherwise both amps will fry). However, the rating is for the speaker as a whole and once separated, each side may not split up evenly to 200w max handling and each will also have a slightly different impedance profile, does that make sense? Now, that does not mean it won't handle it, because having more than enough clean power is almost never a problem for the typical speaker, it is normally too little power that causes damage due to clipping.
With 2 stereo amps, you CAN power each portion differently - use horizontal biamping rather than vertical. Vertical would be one amp per speaker, one channel on each terminal. Horizontal would be each channel of one amp handling the highs of each speaker and the other amp handling the lows of each speaker, then you can reduce the total amount of power going to the highs as needed.