MS Amlin ceased underwriting aviation insurance renewals or new business yesterday, confirming its exit from the market.
The decision excludes the aviation hull war portfolio, which will continue to be underwritten by the existing war team.
MS Amlin’s decision to exit the aviation insurance market follows its recent announcement of the results of a comprehensive long-term strategic review.
It said the decision underpins MS Amlin’s strategy and will enable it to devote more capital, investment and management time on areas of focus to support its growth ambitions.
The aviation insurance portfolio’s run-off will be managed internally rather than outsourced under a reinsurance-to-close arrangement.
Simon Beale, chief executive officer of MS Amlin, commented, “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.”
“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.”
MS Amlin confirmed last month that it would exit nine lines of business deemed no longer part of its future strategic direction, as it turns its focus and capital to areas where “underwriting expertise is critical and products are not commoditised”.