Global insurer and reinsurer MS Amlin has announced a new underwriting strategy to support the delivery of its vision 2021 management plan and 2023 transformation plan.
As part of the new strategy, the re/insurer will combine its Marine and P&C International platforms into a single Specialty insurance business, and it has identified nine classes of business and operations that will be discontinued.
MS Amlin also plans to build on its core strengths in high-value reinsurance, it said, under the leadership of CEO Chris Beazley and CUO Dominic Peters.
Additionally, the company will selectively operate domestic speciality markets in European commercial insurance headed up by Rudy Benmeridja Interim CEO and CUO.
Business classes that no longer fit the strategic direction of MS Amlin include Corporate Property, Real Estate, Casualty, Package Binders, and Fleet for P&C UK Insurance, as well as Aviation.
In terms of operations, the company also singled out Bloodstock in P&C International, UK Yacht (previously Haven), and AUA Insolvency Risk Services as not fitting into its new strategic direction.
MS Amlin said that the business lines will trade as normal and that it will ensure continuity for its people, clients and brokers until it finds suitable long-term solutions for each of them.
This underwriting review forms just one part of an overall transformation plan, MS Amlin noted, which is centred on simplifying and consolidating its operating structure and developing a more modern working culture and values, supported by investment in advanced data analytics and IT.
“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,” said Simon Beale, CEO at MS Amlin.
“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,” he explained.
“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.”
Beale continued: “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,” he concluded.
“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.”