MS Amlin leaving some classes of UK business
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MS Amlin PLC said Wednesday it will cease underwriting corporate property, real estate, casualty and package binders through its U.K. property/casualty business with effect from Jan. 31, 2020, as announced in September.
Amlin’s exit from the U.K. classes will not affect its remaining property/casualty Lloyd’s business or U.K. digital platform, the statement said, as the company pursues a “new underwriting strategy,” after a “comprehensive underwriting review undertaken earlier this year which identified product lines and operations no longer aligned to its future strategic vision.”
The company also said Wednesday it would focus its capital and management on its three core markets of global reinsurance, global specialty and domestic specialty markets in continental Europe, the insurer and reinsurer said in a statement Wednesday.
“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,” Tom Clementi, CEO of MS Amlin Underwriting Ltd., said in the statement. “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.”
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