MS Amlin, the London-based re/insurer, said it will cease underwriting corporate property, real estate, casualty and package binders through its U.K. P/C business with effect from Jan. 31, 2020.
This announcement follows the outcome of MS Amlin’s comprehensive underwriting review undertaken earlier this year which identified product lines and operations no longer aligned to its future strategic vision.
In September, the company identified nine classes of business and operations that no longer form part of its future strategic direction, which it intends to exit. These business classes included: 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.
MS Amlin took a stop to fulfill this strategy when it announced in mid-October it was exiting the aviation insurance market, effective from Oct. 14 — now followed by its exit from U.K. P/C classes. MS Amlin emphasized the move will not affect its remaining P/C Lloyd’s business or its U.K. digital platform.
As part of its new underwriting strategy, MS Amlin said it will be redeploying its capital and management focus to its three core markets of global reinsurance, global specialty and domestic specialty markets in continental Europe.
Tom Clementi, CEO of MS Amlin Underwriting Ltd., commented: “The decision to place these classes into run-off will enable us to focus on our core markets and ensure we are best placed to serve our clients going forward. The decision aligns with the new underwriting strategy we outlined on 30th September and the steps we have taken to remediate the business since then. We are committed to supporting both our customers and our people through this process.”
Was this article valuable?
Here are more articles you may enjoy.