MS Amlin PLC will cease underwriting aviation insurance renewals or new business, effective Oct. 14, confirming its exit from the aviation insurance market.
The aviation insurance portfolio's runoff will be managed internally rather than outsourced under a reinsurance to close arrangement. It was reported earlier in October that the company was considering a sale of its aviation book, which consists of about $100 million in premiums.
The aviation hull war portfolio is not part of the change. It will continue to be underwritten by the existing war team.
The decision follows a long-term strategic review, the results of which were announced recently. The company said the decision will enable it to devote more capital, investment and management time on areas of focus to support its growth plan.
In late September, MS Amlin announced that it is set to exit nine classes of business and operations after an underwriting review. The business classes are aviation and P&C U.K. insurance, which includes corporate property, real estate, casualty, package binders and fleet.