MS Amlin
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The expense ratio improves after last year's programme to slash operating costs.
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The vehicle will have 100 percent Lloyd’s capacity with MS Amlin as a partner.
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The 2018 combined ratio of 111 percent is a 26-point improvement on the year earlier.
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The in-scope book relates to business written by former Mitsui Sumitomo Syndicate 3210.
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Turning round MS Amlin, the former shining star of the Lloyd’s market, was never going to happen overnight.
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The MS&AD unit pegs losses from Hurricane Michael and the California wildfires in the final quarter of last year at about $234mn.
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The former majority shareholder will continue to provide services and support to the ILS fund manager.
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Why should Leadenhall be hived off into the Mitsui’s asset management division?
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MS Amlin’s ownership of the London-based firm will now transfer to the Japanese corporation directly.
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The probe mirrors the investigation started by the UK’s FCA in 2017 which was taken over by the European Commission that same year.
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Job losses and the merging of aviation teams helped maintain upwards pressure on rates.
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The increase adds to the $1bn of Lloyd’s capacity offered by Netherlands-based MS Amlin Marine.
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