Lloyd’s insurer to cut nine lines of businessPosted On: Sep. 30, 2019 2:16 PM CST
MS Amlin PLC will pull out of nine classes of business as it reorganizes its underwriting operations, the Lloyd’s of London insurer said in a statement Monday.
Discontinued operations and lines include U.K. corporate property, real estate, casualty, package binders and fleet business, aviation, international bloodstock, U.K. yacht and its AUA Insolvency Risk Services, the statement said.
MS Amlin said the dropped lines will “trade as normal” as it seeks long-term solutions for each of them, the statement said.
The insurer and reinsurer said it will focus on “high-value” reinsurance, led by CEO Chris Beazley and Chief Underwriting Officer Dominic Peters, the statement said.
MS Amlin will also create a specialty insurance business by combining its marine and property/casualty international platforms headed by CEO Tom Clementi and Co-Chief Underwriting Officers Andrew Wright and Mark Clements, the statement said.
The insurer and reinsurer said it would also “selectively operate domestic specialty markets in European commercial insurance,” headed up by Rudy Benmeridja, interim CEO and chief underwriting officer.
“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,” Simon Beale, CEO of MS Amlin, said in the statement.