Global (re)insurer MS Amlin has announced a new operating model and senior leadership team as part of MS&AD’s recently announced reorganisation of its international businesses.
This reorganisation involves the removal of the regional holding company framework across Mitsui Sumitomo Insurance’s three regions, Asia, America and Europe, including MS Amlin Plc from 1 January 2020.
Under the new structure, MS Amlin Plc will therefore be removed and the corporate entities MS Amlin Underwriting Limited (MS AUL), MS Amlin AG (MS AAG), MS Amlin Insurance SE (MS AISE) and MS Amlin Business Services (MS ABS) will be owned directly by Mitsui Sumitomo Insurance (MSI).
MS Amlin’s new operating model will consist of its three insurance companies supported by a shared business service enterprise. Each will be led by the following MS Amlin executives:
Chris Beazley, CEO MS AAG
Tom Clementi, CEO MS AUL
Rudy Benmeridja, CEO (interim) MS AISE
Iain Pearce, CEO MS ABS
The operating model simplifies and enhances strategic and operational oversight. It has also been designed to support the implementation of MS Amlin’s new underwriting strategy, announced in September 2019, that involves redeploying its capital and management focus to its three core markets of reinsurance, specialty and domestic specialty markets in continental Europe. In addition, it assists MSI in building value across its international network by increasing efficiency, expanding its offerings to clients globally, using international talent to greater effect and ultimately driving improved financial performance and growth.
As a result, from 31 December 2019, Simon Beale will step down from the role of MS Amlin Plc CEO. However, he will continue as an executive officer of MSI. In addition, James Illingworth will step down as chief underwriting officer but will continue his current non-executive directorships in the near term.
Masahiro Matsumoto, director, senior executive officer, Mitsui Sumitomo Insurance, said, “The transition to a new international organisational structure will strengthen collaboration across all operating companies globally. This will support the group’s ambitious international growth strategy. MS Amlin’s world-class insurance businesses specialising in complex specialty and reinsurance risks is a strategic imperative for this strategy.”