Mitsui Sumitomo Insurance Company, (MSI), a wholly-owned subsidiary of MS&AD Insurance Group Holdings, has completed its acquisition of the entired issued and to be issued share capital of insurer Amlin.
Charles Philipps, chief executive of Amlin, will lead the business, which will be renamed to become MS Amlin.
MS Amlin will comprise the historic Amlin businesses, together with MSI’s London and Bermuda-based businesses.
Amlin, which operates in Bermuda and MSI are at an advanced stage of planning the integration of these businesses which will, subject to further regulatory approvals, involve the merger of Amlin’s and MSI’s Lloyd’s syndicates and reinsurance subsidiaries.
“Our combination with MSI is incredibly positive for our business, our employees and our clients,” said Philipps.
“I am very much looking forward to working with the MSI teams in London, Bermuda and elsewhere to unlock our full potential as part of MSI.”
Yasuyoshi Karasawa, president and chief executive officer of MSI, added: “MSI and MS Amlin have just taken a new step toward a glorious future together.
“MSI Group will step up to the next level in creating a world class insurance and financial group by maximising both companies’ strengths and promoting mutual cooperation within the group.”
Mitsui Sumitomo Insurance Company, MS&AD Insurance Group Holdings, Amlin, Charles Philipps, Yasuyoshi Karasawa, Bermuda