MS Amlin

An “extraordinary” proportion of storms reached Category 5 status this year.

Plus, the latest people moves and all the top news of the week.

The carrier boosted net premiums by 45% and shaved 2 points off its expense ratio.

Executives also agreed that facilitisation is a structural market change.

The executive said that outside of property cat, renewals will be “relatively stable”.

The power market is experiencing double-digit rate reductions.

This publication revealed the move earlier this year.

Sam Geddes will join Syndicate 1918 next year in an executive leadership role.

The recruits will join from Nephila, Aon and Malaysian Re.

California wildfire losses were partially offset by improved underlying underwriting.

Dart succeeds Andrew Carrier, who will retire at the end of the year.

Peter Cordell will join Syndicate 1729 in January.

Category 4 and 5 storms could become more common and hit further north.

The carrier has entered several new classes recently, including specie and reinsurance.

The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.

The change reflects the company’s growing profile within the MS&AD group.

The company’s parent MS&AD reported group profit of 691bn yen for the year.

Competition is high in specialty reinsurance as new capacity enters the market.

CEO Andrew Carrier says the business has strong “forward momentum”.

The launch is part of MSI’s strategy to expand the capacity of its UK subsidiaries.

Improved underwriting helped absorb claims from the Baltimore bridge collapse and Hurricane Helene.

The MGA has faced high claims activity on its energy liability book, fuelled by social inflation.

New entrants have contributed to competition in the class of business.

Deputy CUO Sam Geddes will lead the division.

The upstream market is now in softening territory, with capacity still abundant.

Aon announced in early December that it had expanded ACT to offer 28.5% capacity for 2025.

Parent MS&AD highlighted “strong underwriting fundamentals”.

Paul Keaveney leaves Zurich after nearly a decade with the carrier.

A significant amount of new capacity has flowed into the political violence and terror market in recent months.

The subsidiary’s financial result swung from loss to profit for the period.

Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and TMK are participating.

MS Re reported a net profit of $366mn, which was hailed as a “watershed” for the company.

The ratings agency said the upgrade reflected MS Re's “very strong” balance-sheet.

The executive will be based in Zurich and report to international CUO Joerg Bruniecki.

Simon Morgan will succeed Sam Geddes as head of property and allied lines.

He will oversee the syndicate’s catastrophe modelling capabilities.

Burke stepped into the role on an interim basis in October 2023.

The facility will target operators across the US, onshore and offshore.

The result was a profitability turnaround of £300mn.

The MS Re CEO said 1 January oversubscription levels on cat were not notable.

The company will use MS Amlin to drive international growth.

The carrier has rebranded its UK entity from MSI EU to MSIG UK.

Senior underwriter Tom Horswill is to relocate from London to Dubai to lead the offering.

Finance minister describes the activity as “widespread, repeated and continuous”.

Current marine head Laurence Humberstone is set to retire after 19 years at the carrier.

The improved underwriting performance was driven by reduced losses relating to Russia and Ukraine.

The underwriter will retain his responsibilities as lead underwriter for credit and political risk.

Grant Baxter joined the business last year and was named CUO in a restructure under CEO Andrew Carrier.

The executive has also worked for Aviva in senior group finance roles.

Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.

The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.

Andrew Carrier said after wide ranging remedial work, the Lloyd’s carrier was targeting “measured, profitable growth” for 2024.

The resignation follows the appointment of Sedgewick's Julie Ross to lead the team.

The reduced impact from the war in Ukraine helped the carrier continue a spell of profitable underwriting.

The hire follows an exodus from the recall team, as Mitchell, Fouquet and Fornah resign.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

Lloyd Fornah’s departure follows the resignations of Ed Mitchell and senior underwriter Vanessa Fouquet earlier this year.

Previously, Shaw was lead underwriter at MS Reinsurance and lead underwriter at MS Amlin’s Bermuda office.

Ed Mitchell and Vanessa Fouquet are set to join BluNiche and Dual, respectively.

Parent company MS&AD reported a net profit for fiscal 2022 of 161.5bn yen.

It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.

The pair will report to CRO Vishal Desai.

MS Amlin has added ex-JLT broker Lacy Lighterness to its cargo team.

MS Amlin Syndicate 2001 – one of the largest in the Lloyd’s market – reported a combined ratio of 99.9% for 2022.

The results show 2022 was the first year in which MS Amlin Syndicate 2001 has reported an underwriting profit since 2015.

Jessica Turner will report to Martin Burke, director of underwriting performance.

The property underwriter has also worked for Beazley and Liberty Mutual.

The appointment follows the business unit’s rebrand last year.

Alun Thomas will report to Bermuda CEO Chris Bonard.

Group CEO Noriyuki Hara told NikkeiAsia the company was targeting groupwide adjusted ROE of 10% by 2025.

Execution of the legacy transaction ticks off another major piece of work for MS Amlin in its turnaround of Syndicate 2001.

The carrier also recorded a deterioration in investment performance amid financial market turbulence.

His departure comes after a phase of rebuilding the carrier’s commercial property team.

The vehicle was upsized by 20% from 2022.

Having joined the company in 2016, the executive was working as a lead underwriter in LATAM prior to the announcement.

As a decline in InsurTech investment continues and risk capacity providers reconsider their support, sources expect many InsurTech MGAs will have to review and potentially pivot their business models.

Andrew Carrier’s appointment as CEO was announced in October, with Andrew Slabbert taking on the top role at MSIG in the US.

The CVC-backed legacy player edged out Enstar in the process which was run by Gallagher Re.

The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.

The carrier also posted £97mn of Ukraine losses and a £157mn investment loss.

The Lloyd’s carrier said the strategy will support profitable growth, attract staff and help meet regulatory requirements.

The process has been narrowed, with parties including Catalina and Premia not going forward.

Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.

Paul Evans joins from Tokio Marine Kiln and will report to Malcolm Barnes, head of marine reinsurance.

The failings occurred during the period between September 2014 and December 2019.

Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.

Slabbert’s appointment comes after Mitsui Sumitomo’s recent acquisition of US hybrid fronting carrier Transverse Insurance.

Simon Morgan will take up his role in November after nearly 15 years at Hiscox.

Under new CEO Robert Wiest, the company is implementing a new operating model. 

The carrier has strengthened its reinsurance and political risk/trade credit division.

The deal is split into a ~£1.1bn reinsurance-to-close deal and a ~£100mn loss portfolio transfer.

Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.

The business attributed the losses to Ukraine claims and a negative investment performance.

Grant Baxter will take up the role towards the end of the year.

The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.

The parties gave their final submissions following a legal hearing that has lasted over two weeks.

The insurers also claimed that Stonegate’s desired treatment of furlough payments would lead to it being ‘over-indemnified’.

The pub company is looking for a payout at every one of its 760 premises, whilst insurers claim it is entitled to a single limit.

The pub chain has claimed in court that it is entitled to separate payouts for each of its 760 venues.

Aggregation is the main issue in the landmark case brought against MS Amlin, Zurich and Liberty Mutual.

Katie Wolff will be responsible for MS Amlin’s P&C operations in the UK.

The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics.

Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.

Catastrophe claims were up 75% for the year, whilst Covid-19 claims shrank to £13mn.

Robert Margetts becomes the latest senior departure from Compre, following the exit of chief development officer Eleni Iacovides.

The carrier has bolstered its property team following several staff exits earlier this year.

Before his departure, he held the role of head of crisis management at the carrier for two years.

The association aims to create a “single voice” for carriers when lobbying governments and regulators

Amid ongoing restructuring, poor performance from discontinued classes is weighing on the bottom line.

The reinsurer will focus on three UN Sustainable Development Goals (SDGs) to help it achieve carbon-neutrality by 2050.

The senior underwriter has worked at Sirius, Novae, Mitsui Sumitomo and Chaucer.

The deal allows MS Amlin to carve out the P&C portfolio for 2019 and prior years in an industry first.

The ratings agency said that the reinsurance arm of MS Amlin was expected to make a “significant” loss after tax in 2021.

Sources described the deal as a collegiate agreement, and long term the carrier is still understood to be committed to the US property market.

The carrier has appointed John Winder, Victoria Harding, Wendy Kriz and Maurice Rose to its risk function team.

The unit still faced £272mn in nat-cat losses and a £58mn Covid-19 impact during the period.

Head of property John Roberts-West and senior commercial property underwriter Katie Hunter have both left the business, with Hunter set to join Beazley at the end of the month.

Two of the carrier’s underwriters were hired by new entrant IQUW to build its book of business.

Gupta initially assumed the position in July 2021 on an interim basis.

The former MS Amlin head of reinsurance takes up the CUO role next week.

Both underwriters used to be colleagues in the marine hull team at RSA prior to Stuart Forsyth’s departure.

The executive will join the business in early January, replacing Mike Cain.

Chairman Robin Adam will step into the role of interim CEO until Matt Pasterfield joins the firm.

Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.

Amir Sethu joins from Lendurance, a boutique ESG-focused commercial lender he co-founded in Singapore.

Neil Williams, who spent more than eight years at Lloyd’s, will join the carrier in January.

Excluding the catastrophe losses, the carrier would have posted a profit of £102mn.

MS Amlin’s head of reinsurance Matthew Wilken is to leave the business for a role at Hiscox Re & ILS in Bermuda, this publication understands.

Peter McKenna will report into Johan Slabbert CEO of MS Amlin Distribution.

Rachael Wallington has been promoted from her current role as lead class underwriter for agriculture reinsurance.

The executive has also worked at MS Frontier Reinsurance and PWC.

Stuart Forsyth will start in his new position in mid-October and report directly to Laurence Humberstone, head of marine.