MS Amlin said it will be exiting nine non-core markets that no longer fit into its long-term strategy.
Instead, the London-based insurer and reinsurer and MS&AD subsidiary will pursue a new underwriting strategy that focuses on three core, non-commodity markets. This reorientation follows a comprehensive review by the company, after which a decision was made to redeploy capital and management focus where underwriting expertise is critical and products are not commoditized.
MS Amlin is redirecting its energies to these areas:
The nine classes of business and operations that no longer form part of MS Amlin’s strategic direction 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.
Source: MS Amlin
*A version of this story ran previously in our sister publication Insurance Journal.