London market re/insurer MS Amlin has confirmed its exit from the aviation insurance market, putting its portfolio into runoff
MS Amlin is quitting the aviation insurance business, putting its existing book into run-off, the carrier has confirmed.
The exit is effective from 14 October 2019 when it will cease underwriting aviation insurance renewals or new business.
This change excludes the aviation hull war portfolio which will continue to be underwritten by the existing war team, the London market re/insurer said.
MS Amlin’s decision to exit the aviation insurance market follows its recent announcement of the results of a comprehensive long-term strategic review.
This decision underpins MS Amlin’s strategy, the company said, “and will enable it to devote more capital, investment and management time on areas of focus to support its growth ambitions”.
The aviation insurance portfolio’s runoff will be managed internally rather than outsourced under a Reinsurance to Close (RITC) arrangement, MS Amlin 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,” said Simon Beale, MS Amlin’s CEO.
“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,” Beale added.