MS Amlin has announced a new underwriting strategy focusing on three core markets.
In a statement, it explained that it would:
- Build on its core strength and track record in high-value reinsurance, led by Chris Beazley (chief executive officer) and Dominic Peters (chief underwriting officer);
- Create a specialty insurance business by combining its marine and property and casualty international platforms under the leadership of Tom Clementi (chief executive officer) and Andrew Wright and Mark Clements (co-chief underwriting officers); and
- Selectively operate domestic specialty markets in European commercial insurance headed up by Rudy Benmeridja (interim chief executive officer and chief underwriting officer).
MS Amlin added that it also has identified nine classes of business and operations that no longer form part of its future strategic direction (P&C UK insurance (corporate property / real estate / casualty / package binders / fleet) and aviation). According to MS Amlin, 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.
Simon Beale, MS Amlin's chief executive officer, said, "[W]e 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, digitalization, 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 reinsurer."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].