MS Amlin has several classes of its UK property and casualty business into run-off.
The London-headquartered global re/insurer, which has offices in Bermuda, said in a statement that it would cease underwriting corporate property, real estate, casualty and package binders through its UK P&C business with effect from January 31, 2020.
This announcement follows the outcome of MS Amlin’s underwriting review this year, which identified “product lines and operations no longer aligned” to the company’s future strategic vision.
MS Amlin said it will be redeploying its capital and management focus to its three core markets of global reinsurance, global speciality and domestic speciality markets in continental Europe. The decision to exit some UK classes will not impact the company’s remaining P&C Lloyd’s business or UK digital platform, MS Amlin added.
Tom Clementi, CEO of MS Amlin Underwriting Ltd, said: “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.
“The decision aligns with the new underwriting strategy we outlined on September 30 and the steps we have taken to remediate the business since then. We are committed to supporting both our customers and our people through this process.”
