View this article online: https://www.insurancejournal.com/news/international/2019/10/01/541639.htm
MS Amlin, the London-based re/insurer and subsidiary of MS&AD, announced a new underwriting strategy that focuses on three core, non-commodity markets, while exiting nine non-core markets, which no longer fit in its long-term strategy.
Following a comprehensive underwriting review, MS Amlin said it will redeploy its capital and management focus where underwriting expertise is critical and products are not commoditized, focusing on three core markets:
MS Amlin has also identified nine classes of business and operations that no longer form part of its future strategic direction. Business classes include: P&C UK Insurance (Corporate Property, Real Estate, Casualty, Package Binders, Fleet) and Aviation. Operations include Bloodstock in P&C International; UK Yacht (previously Haven); AUA Insolvency Risk Services.
These business lines will trade as normal and MS Amlin will ensure continuity for its people, clients and brokers until it finds suitable long-term solutions for each of them.
“Whilst we have identified several classes of business that no longer fit within our long-term strategy, we believe there are other owners that are better positioned to take these great books of business forward,” said Simon Beale, CEO, MS Amlin, in a statement. “There will be no interruption to the service our brokers and clients receive in the meantime.”
MS Amlin said the underwriting review forms one part of an overall transformation plan, centered on simplifying and consolidating its operating structure to improve accountability, efficiency and corporate governance. At the same time, the company aims to develop a more modern working culture and values supported by investment in advanced data analytics and IT.
This is the next chapter of MS Amlin’s ongoing transformation plan, building on recent progress “to create a more modern, relevant, profitable and client-focused business built around the expertise of our people,” commented Beale.
“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,” he added. “It will refocus our business and ensure we are best placed to serve our clients and their shifting demands, as technology, digitalization and data and analytics trends continue to change the nature of insured risk.”
MS Amlin’s shareholder, MS&AD, “has been and will continue to be hugely supportive during this process,” Beale said. “We are confident that we will be able to deliver on our ambitious goals and return to our position as a highly profitable, market-leading re/insurer.”
Source: MS Amlin