Staff are now in a period of consultation with the insurer
Staff in the aviation underwriting team at MS Amlin have been told to stop writing business as of today as the firm exits the class.
Staff were told of the news today and are now in a period of consultation with the insurer who included aviation in nine classes of business it was to cease to underwrite as part of the review of its ongoing operations announced earlier this month.
The firm issued a statement this afternoon which said the change excludes the aviation hull war portfolio which will continue to be underwritten by the existing War team.
MS Amlin said the aviation insurance portfolio’s runoff will be managed internally rather than outsourced under a Reinsurance To Close (RITC) arrangement.
Simon Beale, MS Amlin CEO said: “The run-off of the aviation insurance book will allow us to focus our attention on our new underwriting strategy and build on the progress we have made in restoring profitability.
“In order to ensure continuity of service for our clients we will manage the run-off ourselves.”
“We are committed to supporting both our customers and our people through this change.”
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