The winner of re/insurer of the year is a Lloyd's syndicate that has transformed its approach to risk management and has taken concrete steps to improve the diversity of its workforce – moves which have contributed to its best financial results in more than a decade.

MS Amlin's risk function – led by chief risk officer Vishal Desai, winner of InsuranceERM's 2024 CRO of the year – has over the last few years positioned itself as a strategic partner and value-driver, rather than a "blocker" of commercial opportunities.

This has involved a number of steps, starting with a critical review of key risk management processes. This led to a significant reduction in documentation duplication, and a strengthened and streamlined control environment.

The company has also worked to embed risk management across the business, so risk has an input into all key decisions, and the team has fostered richer, targeted conversations to better balance risk versus reward.

In practical terms, risk has made crucial inputs into key commercial decisions, such as the landmark reinsurance-to-close transaction with Riverstone in 2023 – the largest in the market to date – and the selection and transfer of activities to a business process outsourcer.
And as part of the year-end self-evaluations, all employees are now asked to confirm how they have contributed in a tangible way to delivering a healthy and active risk culture.
Another key aspect has been the improvement of engagement with regulators, which has given MS Amlin more flexibility to achieve its strategic goals.

The company had also identified the diversity of its workforce as an issue. In January 2021, women held just 8% of senior leadership roles, prompting the launch of a dual strategy to challenge traditional hiring patterns and develop policies that address the barriers women face at different stages in their careers.

To diversify hiring, MS Amlin tackled the 'little black book' approach, where hiring managers or search agencies look to recruit from their personal network. Recruiters are required to provide a gender-diverse long-list for senior roles, or explain why they cannot.

Among the new work policies, the firm introduced six months of fully-paid parent leave for all parent – recognising that career outlooks for women are improved when partners are able to take a greater role in the home. Women are offered maternity coaching, supporting them from their pregnancy to their return to work. Policies and support were also put in place for fertility treatment, pregnancy loss, menopause and paid leave for carers.

Furthermore, the company undertake performance and pay calibration reviews, and conducts exit interviews with female leavers, with the aim of improving retention of female staff.

The results speak for themselves. By May 2024, 36% of leadership positions were held by women, and at the executive level it was higher still at 44%. The overall proportion of women in the workforce climbed from 39% in 2021 to 44% in 2024, and the gender pay gap has reduced for a sixth year in a row. While the company acknowledges it has more work to do, it says these indicators highlight the significant progress it is making.

"Embracing diversity not only creates a fairer and more inclusive workplace, but it also strengthens our ability to manage risk," says chief people officer Gemma Lines. "Diverse teams challenge conventional thinking, bring fresh perspectives, and foster psychological safety, enabling people to voice concerns and drive better decision-making."

For the risk function, recognition has come from the wider MS&AD group. The London team has been positioned as a centre of excellence for risk management for the global business, and it has contributed to strengthening the group's risk function.

All these measures are not just 'nice to haves'. The impact has been felt at the bottom line, with the company announcing in 2024 its best financial performance in a decade: a profit of £256m ($325.5m) and a combined ratio of 86.6%.