Global reinsurer MS Amlin has a new operating model and senior leadership team as part of a reorganization of its international businesses.
In a statement, the company said that the reorganization involved the removal of the regional holding company framework across the three regions of Mitsui Sumitomo Insurance ("MSI"): Asia, America, and Europe, including MS Amlin Plc effective January 1, 2020.
Under the new structure, MS Amlin Plc will 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 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, CEO (interim) MS AISE
- Iain Pearce, CEO MS ABS
MS Amlin said that the new operating model simplified and enhanced strategic and operational oversight and was designed to support the implementation of MS Amlin's new underwriting strategy, announced in September 2019, that involves redeploying its capital and management focus to its three core markets of reinsurance, specialty, and domestic specialty markets in continental Europe.
MS Amlin added that, as of December 31, 2019 Simon Beale will step down from the role of MS Amlin Plc chief executive officer although he will continue as an executive officer of MSI. In addition, James Illingworth will step down as chief underwriting officer but will continue his current non-executive directorships in the near term.
Masahiro Matsumoto, director and senior executive officer of Mitsui Sumitomo Insurance, said, "I would like to express my sincere thanks and gratitude for Simon and James' considerable contribution to MS Amlin over the past many years and look forward to their onward support. 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.
"The transition to a new international organizational 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 specializing in complex specialty and reinsurance risks is a strategic imperative for this strategy."
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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].