MS Amlin to divest non-core activities and focus on key markets with more emphasis on high-value reinsurance
MS Amlin said it has undertaken a “comprehensive underwriting review” and would now redeploy its capital and management focus where “underwriting expertise is critical and products are not commoditised”.
The company said it will: build on its core strength and track record in high-value reinsurance; create a specialty insurance business by combining its Marine and P&C International platforms; and selectively operate domestic speciality markets in European commercial insurance.
MS Amlin has also identified nine classes of business and operations that no longer form part of its future strategic direction. The business classes include: P&C UK Insurance (Corporate Property / Real Estate / Casualty / Package Binders / Fleet) and Aviation. Operations include Bloodstock in P&C International; UK Yacht (previously Haven); AUA Insolvency Risk Services.
The company said these business lines will trade as normal and it will ensure continuity for its people, clients and brokers until it finds suitable long-term solutions for each of them.
Simon Beale, CEO, MS Amlin said: “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.
“While 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.”
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