The long-term problems of the marine insurance business have begun to bite, with redundancies at MS Amlin feared to be a harbinger of further cuts to come.

London-based MS Amlin appears to be shrinking or even dismantling its Rotterdam-based RaetsMarine operation, expensively acquired just five years ago, as well as parting company with a number of senior staff.

Up to 10% of the insurer’s 1,350 UK staff could be vulnerable to cuts that follow heavy losses in the first nine months of the financial year.