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The market exits continue.
Today, MS Amlin has confirmed its departure from the aviation insurance market – the move becomes effective today as it stops underwriting both renewal and new business.
The decision is said to be based on a long-term strategic review, the results of which were recently announced. The idea is that the move will allow MS Amlin to devote more of its capital and management time to areas of focus as it looks to support its growth ambitions. The official departure follows a report earlier this month that it would exit nine business classes and operations. These include P&C UK insurance – corporate property, real estate, casualty, package binders, and fleet – and aviation, while operation classes include bloodstock in P&C international, UK yacht, and AUA insolvency risk services.
“The run-off of the aviation insurance book will allow us to focus our attention on our new underwriting strategy and build on the progress we have made in restoring profitability,” said Simon Beale, MS Amlin CEO.
“In order to ensure continuity of service for our clients we will manage the run-off ourselves.
“We are committed to supporting both our customers and our people through this change.”
In a release outlining the move, the global reinsurer outlined that the change would exclude the aviation hull war portfolio – this will continue to be underwritten by the existing war team.
