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MS Amlin abandons insurance lines in search for profitability

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Global reinsurer MS Amlin will exit its business lines and aviation insurance as it seeks to redirect its underwriting resources towards more profitable areas.

The abandoned classes include corporate property, real estate, casualty, package binders, fleet, bloodstock insurance, yacht insurance, and AUA Insolvency Risk Services.

The reinsurer says it will instead focus on high-value reinsurance, speciality markets in European commercial insurance, and create a specialty insurance business by combining its marine and property & casualty international platforms.

The changes are part of an overall transformation plan to simplify and consolidate the insurer’s operating structure. This will improve accountability, efficiency and corporate governance and help develop a more modern working culture, MS Amlin says.

Chris Beazley and Dominic Peters will head up its reinsurance market, Rudy Benmeridja will lead the commercial market, while Tom Clementi, Andrew Wright and Mark Clements will build up the specialty business.

MS Amlin CEO Simon Beale says the “decisive measures” being taken “will allow us to focus and build on our track record of providing risk solutions to our clients’ most complex needs”.