MS Amlin confirms exit from aviation insurance market
Re/insurer MS Amlin has confirmed that it will be exiting the aviation insurance market, effective from today, when it will cease underwriting aviation insurance renewals or new business.
This change excludes the aviation hull war portfolio which will continue to be underwritten by the existing war team. MS Amlin’s decision to exit the aviation insurance market follows its recent announcement of the results of a comprehensive long-term strategic review. This decision underpins MS Amlin’s strategy and will enable it to devote more capital, investment and management time on areas of focus to support its growth ambitions.
The aviation insurance portfolio’s runoff will be managed internally rather than outsourced under a Reinsurance To Close (RITC) arrangement.
Simon Beale, chief executive at MS Amlin, said: “The run-off of the aviation insurance book will allow us to focus our attention on our new underwriting strategy and build on the progress we have made in restoring profitability. “In order to ensure continuity of service for our clients we will manage the run-off ourselves.”
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