Re/insurer MS Amlin has confirmed reports that it will be exiting the aviation insurance market, effective from today 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.
“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, chief executive officer at MS Amlin.
MS Amlin’s decision to exit the aviation insurance market follows its recent announcement of the results of a comprehensive long-term strategic review.
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.
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 commoditised.