Insurer and reinsurer MS Amlin has today announced the details of a new operating model and senior leadership team as part of MS&AD’s recently announced reorganisation of its international business.
As announced previously, the reorganisation of the firm’s international business includes the removal of the regional holding companies across Mitsui Sumitomo Insurance’s (MSI) three regions, Asia, America, and Europe, including MS Amlin plc.
MS Amlin has now provided further details surrounding the reorganisation and new operating model, revealing that 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.
The global re/insurer’s new operating model will be comprised of three insurance firms supported by a shared business service enterprise, with each unit being led by the following MS Amlin executives: Chris Beazley will serve as Chief Executive Officer (CEO) of MS AAG; Tom Clementi as CEO of MS AUL; Rudy Benmeridja as Interim CEO of MS AISE; and Iain Pearce as CEO of MS ABS.
The insurer and reinsurer has also revealed that effective December 31st, 2019 Simon Beale will step down as CEO of MS Amlin Plc, but will remain as an executive officer of MSI. At the same time, James Illingworth is to step down as Chief Underwriting Officer (CUO) but will continue his current non-executive directorships in the near-term.
MS Amlin states that the new operating model both simplifies and enhances strategic and operational oversight, and has been designed to support the implementation of the re/insurer’s new underwriting strategy, announced earlier this year.
The firm says that it also helps MSI in building value across its global network by increasing efficiency, expanding its offerings to clients globally, leveraging talent from across the world to greater effect, ultimately resulting in a better financial performance and improved growth.
Masahiro Matsumoto, Director, Senior Executive Officer, MSI, commented: “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. 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 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.”