The reorganisation marks a further step towards its 2023 transformation plan, the London market re/insurer said
Simon Beale will step down from the role of MS Amlin CEO, the company has announced.
James Illingworth will step down as chief underwriting officer (CUO), in a major reshuffle to MS Amlin’s senior leadership team.
The changes, including a new operating model, form part of its parent group MS&AD’s recently announced reorganisation of its international businesses.
This reorganisation involves the removal of the regional holding company framework across Mitsui Sumitomo Insurance’s three regions, Asia, America and Europe, including MS Amlin from 1 January 2020.
Under the new structure, MS Amlin Plc will therefore be removed and the corporate entities MS Amlin Underwriting Limited (MS AUL), MS Amlin AG (MS AAG), MS Amlin Insurance SE (MS AISE) and MS Amlin Business Services (MS ABS) will be owned directly by Mitsui Sumitomo Insurance (MSI).
MS Amlin’s new operating model will consist of its three insurance companies supported by a shared business service enterprise.
Each will be led by the following MS Amlin executives: Chris Beazley, CEO MS AAG; Tom Clementi, CEO MS AUL; Rudy Benmeridja, interim CEO of MS AISE; and Iain Pearce, CEO MS ABS.
As a result, from 31 December 2019 Simon Beale will step down from the role of MS Amlin Plc CEO.
Beale will continue as an executive officer of MSI, the company said.
In addition, James Illingworth will step down as CUO, but will continue his current non-executive directorships in the near term.
“I would like to express my sincere thanks and gratitude for Simon and James’s considerable contribution to MS Amlin over the past many years and look forward to their onward support,” said Masahiro Matsumoto, director, senior executive officer, Mitsui Sumitomo Insurance.
“In the most recent years, they have led the business through a significant transition which has helped to position the business well for the future,” Matsumoto added.
New operating model
The carrier said its operating model simplifies and enhances strategic and operational oversight.
It has also been designed to support the implementation of MS Amlin’s new underwriting strategy, announced in September, that involves cutting nine business lines and redeploying its capital and management focus to its three core markets of reinsurance, specialty and domestic specialty markets in continental Europe.
The company confirmed it was quitting the aviation insurance market in October.
In addition, the company said it assists MSI in building value across its international network by increasing efficiency, expanding its offerings to clients globally, using international talent to greater effect and ultimately driving improved financial performance and growth.
Matsumoto said: “The transition to a new international organisational structure will strengthen collaboration across all operating companies globally.
“This will support the group’s ambitious international growth strategy. MS Amlin’s world-class insurance businesses specialising in complex specialty and reinsurance risks is a strategic imperative for this strategy.”