UK-based re/insurer MS Amlin has confirmed plans to exit the aviation insurance market effectively immediately.
As a result, the Lloyd’s of London insurer will no longer renew the existing aviation insurance or underwrite new business.
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The move, however, will not affect the company’s aviation hull war portfolio. The business will continue to be underwritten by the existing War team.
MS Amlin expected the move, which comes after the completion of a comprehensive underwriting review, to better enable it to use its capital and management focus to support its growth strategy.
MS Amlin will manage the aviation insurance portfolio’s runoff internally instead of sub-contracting under a Reinsurance To Close (RITC) model.
MS Amlin CEO Simon Beale 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.
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By GlobalData“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.”
Last month, MS Amlin said that it will close nine classes of business which includes the UK corporate property, real estate, casualty, international bloodstock, package binders and fleet business, aviation, UK yacht and its AUA Insolvency Risk Services.
