Global reinsurer MS Amlin has confirmed that it will cease underwriting corporate property, real estate, casualty, and package binders through its UK P&C business, effective January 31, 2020.
In a statement, MS Amlin said that the decision follows the outcome of a comprehensive underwriting review undertaken earlier this year which identified product lines and operations no longer aligned to its future strategic vision.
Read more: MS Amlin to discontinue nine classes of businesses and operations
As part of the new underwriting strategy, MS Amlin said that it will be redeploying its capital and management focus to its three core markets of global reinsurance, global specialty, and domestic specialty markets in continental Europe. The decision to exit the UK classes will not impact MS Amlin’s remaining P&C Lloyd’s business or UK digital platform.
“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,” said Tom Clementi, chief executive officer of MS Amlin Underwriting Limited. “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.”
