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Mitsui Sumitomo Insurance Group acquired Amlin (now MS Amlin) in 2016 for £3.2bn but fell into the red since due to a series of natural disasters. The company has shed around 500 employees in the UK since, and now employs around 856 people. It also has operations in France, Singapore, Netherlands and Belgium.

Its latest medium-term plan through to March 2026 shows that it seeks to generate about 30% of group profit from overseas markets, triple the roughly 10% share in the previous financial year ended March 2023. It has strengthened risk management and governance at MS Amlin and has set a goal of nearly doubling insurance underwriting capacity in the next five years through Lloyds.

Mitsui Sumitomo Insurance Group currently has two foreign nationals in executive officer positions and intends to “increase the weight of foreign executives” to bolster management in Western regions, says CEO Funabiki. Philip Hammond, the former British Chancellor of the Exchequer now serves as a senior adviser to Mitsui Sumitomo Insurance.

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Last updated by Pernille Rudlin at 2024-02-26.