Leading international insurance and reinsurance firm MS Amlin, part of the MS&AD group, has exited a number of lines of UK P&C business, as it focuses on global reinsurance, global specialty and domestic European specialty underwriting.
MS Amlin has announced a narrowing of its underwriting operation, as it brings capital and management focus onto what it terms its three core markets of global reinsurance, global specialty and domestic specialty markets in continental Europe.
The shift sees the company exiting lines and stopping all underwriting in the Corporate Property, Real Estate, Casualty and Package Binders areas of its UK P&C business from 31st January 2020.
As a result, these areas of its book will be put into run-off, following the comprehensive underwriting review MS Amlin undertook this year, saying this review identified product lines and operations that it felt weren’t aligned to the firms future strategic vision.
The company said the move does not impact the remaining P&C Lloyd’s business or UK digital platform MS Amlin operates
Tom Clementi, CEO of MS Amlin Underwriting Limited, explained the news, “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 alignswith 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.”
MS Amlin is strategically linked to Leadenhall Capital Partners, the insurance-linked securities (ILS) investment fund manager, which plays an important part of the companies global reinsurance strategy.