MS Amlin, the London-based re/insurer, announced a new operating model and senior leadership team in response to the recent decision by its parent company, MS&AD, to reorganize its international businesses.
This reorganization involves the removal of the regional holding company framework across Mitsui Sumitomo Insurance’s three regions, Asia, America and Europe, including MS Amlin Plc, from Jan. 1, 2020.
Under the new structure, MS Amlin Plc will therefore be removed and the corporate entities MS Amlin Underwriting Ltd. (MS AUL), MS Amlin AG (MS AAG), MS Amlin Insurance SE (MS AISE) and MS Amlin Business Services (MS ABS) will be owned directly by Mitsui Sumitomo Insurance (MSI).
MS Amlin’s new operating model will consist of its three insurance companies supported by a shared business service enterprise. Each will be led by the following MS Amlin executives:
- Chris Beazley, chief executive officer of MS AAG
- Tom Clementi, CEO of MS AUL
- Rudy Benmeridja, CEO (interim) MS AISE
- Iain Pearce, CEO MS ABS.
The operating model simplifies and enhances strategic and operational oversight, while at the same time supporting the implementation of MS Amlin’s new underwriting strategy, which was announced in September 2019.
The underwriting strategy involves redeploying its capital and management focus to its three core markets of reinsurance, specialty and domestic specialty markets in continental Europe.
In addition, the new operating model assists MSI in building value across its international network by increasing efficiency, expanding its offerings to clients globally, using international talent to greater effect and ultimately driving improved financial performance and growth.
As a result, from Dec. 31, 2019 Simon Beale will step down from the role of CEO of MS Amlin, but will continue as an executive officer of MSI. In addition, James Illingworth will step down as chief underwriting officer but will continue his current non-executive directorships in the near term.
“I would like to express my sincere thanks and gratitude for Simon and James’s considerable contribution to MS Amlin over the past many years and look forward to their onward support,” said Masahiro Matsumoto, director, senior executive officer, Mitsui Sumitomo Insurance.
“The transition to a new international organisational structure will strengthen collaboration across all operating companies globally,” he said. “This will support the group’s ambitious international growth strategy. MS Amlin’s world-class insurance businesses specializing in complex specialty and reinsurance risks is a strategic imperative for this strategy.”
- Chris Beazley, CEO of MS Amlin AG. Joining MS Amlin more than 10 years ago, Beazley has held senior roles within the London marine and reinsurance businesses. He launched MS Amlin’s operations in Singapore and acted as head of Global Clients and Strategy for MS Amlin’s Reinsurance SBU. In 2016 he served a two-year secondment as CEO of the London Market Group (LMG).
- Tom Clementi, CEO of MS Amlin Underwriting Ltd (MS AUL). Since Clementi joined MS Amlin 12 years ago, he has worked across a number of different business areas. He served as underwriting and operations manager for Marine & Aviation and head of Strategy and Business Development for MS Amlin London before setting up a new MS Amlin office in Miami in 2014. In addition to his current role as CEO of MS Amlin Underwriting Ltd., Clementi currently serves as a director of the Lloyd’s Market Association.
- Rudy Benmeridja, Interim CEO and CUO of MS Amlin Insurance SE. Benmeridja joined MS Amlin 10 years ago. He currently leads the MS AISE business and has been in this role for the past 18 months. Prior to this, he was country manager.
- Iain Pearce, CEO of MS Amlin Business Services. Pearce joined MS Amlin as CFO in June 2019. He qualified as a chartered accountant before joining KPMG London where he worked for 11 years, including two years with KPMG in Japan. He subsequently moved to Old Mutual plc where he held a number of senior finance roles during a 15-year career. Most recently he was COO and FD of Old Mutual Corporate Businesses and led the winding down of Old Mutual’s London operations to support of the withdrawal of Old Mutual’s primary UK listing.
Source: MS Amlin
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