Reinsurer MS Amlin has ceased underwriting aviation insurance renewals or new business.
In a statement, the company said that its exit from the aviation insurance market excluded its aviation hull war portfolio, which will continue to be underwritten by the existing war team.
MS Amlin stated that its decision to exit the aviation insurance market followed its recent announcement of the results of a comprehensive long-term strategic review. According to the company, 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 runoff will be managed internally rather than outsourced under a reinsurance to close ("RITC") arrangement.
Simon Beale, MS Amlin's chief executive officer, 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."
Learn more: MS Amlin to Focus on Three Core Markets
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].