London:
In a bid to enhance strategic and operational oversight,MS Amlin, the London-based re/insurer, announced a new operating model and senior leadership team in response to the recent decision by its parent company, MS&AD, to reorganize its international businesses.
This reorganization 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 Jan. 1, 2020.
Under the new structure, MS Amlin Plc will therefore be removed and the corporate entities MS Amlin Underwriting Ltd. (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).
The operating model simplifies and enhances strategic and operational oversight, while at the same time supporting the implementation of MS Amlin’s new underwriting strategy, which was announced in September 2019.
The underwriting strategy involves redeploying its capital and management focus to its three core markets of reinsurance, specialty and domestic specialty markets in continental Europe.
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, chief executive officer of MS AAG
Tom Clementi, CEO of MS AUL
Rudy Benmeridja, CEO (interim) MS AISE
Iain Pearce, CEO MS ABS.
In addition, the new operating model 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 Dec. 31, 2019 Simon Beale will step down from the role of CEO of MS Amlin, but 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.
Said Masahiro Matsumoto, director, senior executive officer, Mitsui Sumitomo Insurance,.“The transition to a new international organisational structure will strengthen collaboration across all operating companies globally,” he said. “This will support the group’s ambitious international growth strategy. MS Amlin’s world-class insurance businesses specializing in complex specialty and reinsurance risks is a strategic imperative for this strategy.”