Product lines include corporate property, real estate, casualty and package binders
MS Amlin has announced it will cease underwriting corporate property, real estate, casualty and package binders through its UK P&C business.
The re/insurer confirmed its exit from domestic UK P&C classes would take effect from 31 January 2020.
The decision to exit the above UK classes will not impact MS Amlin’s remaining P&C Lloyd’s business or UK digital platform, the company said.
The latest announcement follows November’s announcement of new leadership at the re/insurer, including both CEO Simon Beale and chief underwriter James Illingworth stepping down.
It also follow the outcome of MS Amlin’s comprehensive underwriting review undertaken earlier this year, which identified product lines and operations no longer aligned to its future strategic vision.
As part of the new underwriting strategy, MS Amlin said it would be redeploying its capital and management focus to its three core markets of global reinsurance, global specialty and domestic specialty markets in continental Europe.
“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,” said Tom Clementi, CEO of MS Amlin Underwriting.
“The decision aligns with 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,” Clementi added.