Global re/insurer MS Amlin has confirmed that it will cease underwriting certain lines of UK property and casualty (P&C) business from January 31, 2020, in line with its new strategic direction.
Corporate Property, Real Estate, Casualty and Package Binders are among the classes the company plans to exit.
The move follows the announcement of MS Amlin’s new underwriting strategy back in September 2019, which identified nine classes of business and operations that would be discontinued.
As part of this strategy, MS Amlin will 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 Celementi, Chief Executive Officer (CEO) of MS Amlin Underwriting Limited.
“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,” he explained.
“We are committed to supporting both our customers and our people through this process.”
MS Amlin maintained that the decision to exit from the UK classes will not impact its remaining P&C Lloyd’s business or UK digital platform.
In October, MS Amlin began the process of discontinuing lines with its exit from the aviation insurance market.
