MS Amlin to exit nine lines
MS Amlin has today revealed that it is pulling out of nine lines of business.
- P&C UK Insurance - corporate property
- Real Estate
- Package binders/fleet
- Operations include bloodstock in P&C International; UK Yacht (previously Haven); AUA Insolvency Risk Services.
The changes are out of a push to refocus strategy with MS&AD’s Sision 2021 management plan.
The three core focus markets will now be:
- Reinsurance, led by chief executive Chris Beazley and chief underwriting officer Dominic Peters
- Creation of a new specialty insurance business by combining its marine and P&C international platforms under the leadership of Tom Clementi, chief executive and co-chief underwriting officers, Andrew Wright and Mark Clements
- Selectively operate domestic speciality markets in European commercial insurance headed up by Rudy Benmeridja Interim chief executive and chief underwriting officer
Chief executive Simon Beale said: “Today we are announcing the next chapter of our ongoing 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.
“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. There will be no interruption to the service our brokers and clients receive in the meantime.
“There is a great deal of work ahead to achieve our financial and strategic goals but the new underwriting focus builds on some of the early momentum we have created and more information will follow as we continue to progress with our transformation plan.
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