MS Amlin has confirmed its exit from the aviation insurance market.
Effective October 14, 2019, the insurer will no longer write aviation insurance renewals or new business.
The decision excludes the aviation hull war portfolio, which will continue to be underwritten by MS Amlin’s war team.
Simon Beale, chief executive officer at MS Amlin, said: “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.”
The run-off of the aviation portfolio will be managed internally.
Strategy
The insurer announced its intention to exit nine lines of business, including aviation insurance, late last month.
MS Amlin stated the move formed part of its management plans for the years 2021 and 2023, saying it would redeploy capital to markets where products are less commoditized.
The change in strategy has not been warmly received by brokers, who warned that office closures and redundancies were likely to follow.
No reductions in staff numbers or offices have yet been announced by the provider.
MS Amlin currently employs 2,100 people across 26 locations worldwide.