UK-based re/insurer MS Amlin has unveiled a new underwriting strategy that will witness the closure of nine classes of business.
The new strategy, according to the Lloyd’s of London insurer, will enable the company to fulfil MS&AD’s vision 2021 management plan and further complements MS Amlin’s ambitious 2023 transformation plan.
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MS Amlin, which operates as a subsidiary of MS&AD, said that the UK corporate property, real estate, casualty, international bloodstock, package binders and fleet business, aviation, UK yacht and its AUA Insolvency Risk Services, will cease to operate.
The move, which comes after the completion of a comprehensive underwriting review, is said to enable MS Amlin to better use its capital and management focus.
After restructuring, MS Amlin will broadly focus on three core markets. Under the plan, the company will focus on high-value reinsurance that will be headed by Chris Beazley as CEO and Dominic Peters as CUO.
By merging its marine and P&C international platforms, the company will form a specialty insurance business. It will be led by Tom Clementi as the CEO along with Andrew Wright and Mark Clements as co-CUOs.
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By GlobalDataAlso, the company will selectively run domestic speciality markets in European commercial insurance, which will be managed by Rudy Benmeridja as the interim CEO and CUO.
MS Amlin CEO Simon Beale said: “Today we are announcing the next chapter of our on-going transformation plan, as we build on recent progress to create a more modern, relevant, profitable and client-focused business built around the expertise of our people.
“The decisive measures we are taking across our underwriting portfolio will allow us to focus and build on our track record of providing risk solutions to our clients’ most complex needs.
“It will refocus our business and ensure we are best placed to serve our clients and their shifting demands, as technology, digitalisation and data and analytics trends continue to change the nature of insured risk.”
