MS Amlin, a global reinsurer operating in the Lloyd’s market, along with its sister company, Mitsui Sumitomo Insurance Company UK (Europe) (MSIG UK), have launched a new dual stamp underwriting capability.
This move is said to enhance their London market footprint.
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It will enable MS Amlin underwriters to write risks by utilising both their current Lloyd’s stamp and company paper of MSIG UK.
This initiative aims to provide brokers with a single access point to both markets by increasing capacity.
The dual-stamp underwriting capability is part of a strategy to capitalise on the “scale” and “financial strength” of their parent company, Mitsui Sumitomo Insurance Company (MSI).
MSI had previously outlined plans to enhance the capacity of its UK subsidiaries.
The dual-stamp solution will initially apply to natural resources, trade credit and political risk, and accident and health lines.
Underwriters will have the authority to write individual risks using either one or both capacity sources.
The companies aim to target lead and follow opportunities in the open market and plan to expand the capability to line slips and binders as they refine their operations.
In addition to providing a unified gateway to both the Lloyd’s and company markets, the solution is set to offer brokers a claims service.
MS Amlin CEO Andrew Carrier stated: “We are committed to driving growth by exploring innovative ways to distribute our products, access new clients and bring more business into the London market. This solution simplifies trading for brokers, providing a single gateway to secure capacity in the Lloyd’s and company markets, broader coverage options and greater flexibility over risk placement.”
MSIG UK CEO Martyn Rodden said: “By working closely with MS Amlin, we can tap into new growth opportunities and expand our market reach. This joint solution will give brokers seamless access to two balance sheets and help them to place their client’s risks more efficiently. It also opens up new client groups – such as some banks on the trade credit side – which might not traditionally use Lloyd’s.”
Last month, MS Amlin launched a new credit and political risk solution in Dubai as part of its expansion in the Middle East and North Africa region.
