A reshuffle and restrategy at re/insurer MS Amlin creates a specialty business by combining marine and P&C international platforms, as well as cutting several lines of business
MS Amlin has announced a new underwriting strategy as part of its parent MS&AD’s vision 2021 management plan and its 2023 transformation plan.
The plan aims to streamline the property and casualty (P&C) re/insurer by “specialising in complex and reinsurance risks”.
MS Amlin has identified nine classes of business and operations that no longer form part of its future strategic direction.
The firm said it would refocus “where underwriting expertise is critical and products are not commoditised”.
The cut classes include aviation, international bloodstock, AUA Insolvency Risk Services, and the UK P&C lines of corporate property, real estate, casualty, package binders and fleet and UK yacht business.
“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,” an MS Amlin statement read.
The re/insurer added that it would focus on three core markets in future.
These include to “build on its core strength and track record in high-value reinsurance”, led by CEO Chris Beazley chief underwriting officer (CUO) Dominic Peters.
MS Amlin also announced it would create aSpecialty insurance business by combining its marine and P&C international platforms under the leadership of Tom Clementi, CEO and Co-CUOs, Andrew Wright and Mark Clements.
Lastly, the company said it would selectively operate domestic speciality markets in European commercial insurance, led by Rudy Benmeridja as interim CEO and CUO.
The underwriting review at the company forms one part of an overall transformation plan.
The firm said this is centred on: simplifying its structure to improve accountability, efficiency and corporate governance; and developing ”a more modern working culture and values” supported by investment in advanced data analytics and IT.
Simon Beale, CEO of MS Amlin, commented on the plans: “Today we are announcing the next chapter of our ongoing transformation plan, as we build on recent progress to create a more modern, relevant, profitable and client-focused business built around the expertise of our people.
“The decisive measures we are taking across our underwriting portfolio will allow us to focus and build on our track record of providing risk solutions to our clients’ most complex needs. It will refocus our business and ensure we are best placed to serve our clients and their shifting demands, as technology, digitalisation and data and analytics trends continue to change the nature of insured risk.
“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. There will be no interruption to the service our brokers and clients receive in the meantime.
“There is a great deal of work ahead to achieve our financial and strategic goals but the new underwriting focus builds on some of the early momentum we have created and more information will follow as we continue to progress with our transformation plan.
“We have a deeply talented workforce with shared values focused on delivering long-term value for clients and sustainable growth for our shareholder MS&AD who has been and will continue to be hugely supportive during this process. We are confident that we will be able to deliver on our ambitious goals and return to our position as a highly profitable, market-leading re/insurer.”