MS Amlin, Lloyd’s global specialty (re)insurer, announced yesterday that its Singapore-based operation, MS Amlin Asia Pacific (MS AAP), has acquired a local Special Purpose Reinsurer (SPRV) for the third year in a row. announced that it was named the Phoenix 3. Re.
The SPRV will provide MS AAP with a quota share on a select reinsurance portfolio created via its Singapore underwriting platform, and the existing SPRV, Phoenix 2 Re, from a reinsurance and structural perspective. Complement.
Phoenix 3 Re secures more than $45 million in secured capacity, more than its predecessors Phoenix 1 Re and Phoenix 2 Re. Along with increased underwriting risk appetite, this will give MS AAP nearly $83 million of his capacity through Phoenix vehicles to support local Asian cedants.
MS AAP, with the assistance of Hong Kong-based ILS specialists ILS Advisers, part of HSZ Group, has returned to Singapore to set up Phoenix 3 Re using the Insurance Interlocked Securities (ILS) Catastrophe Bond Grant. Worked with the Monetary Authority.
Will Ho, CEO of MS Amlin Asia Pacific said: Over the past two years, the performance of Phoenix 1 and 2 Re has cemented our reputation and demonstrated our reinsurance eligibility to investors, advisors, cedants and MAS. This has allowed us to secure more investment and offer more capacity to local cedants. ”
Tim Yip, Executive Director of ILS Advisers, said the increasing level of comfort investors are getting in Asia and the diversifying investment opportunities that, if properly structured and properly compensated, can be found in ILS portfolios. I said it’s worth adding. he said: A hub for attracting alternative capital as a source of valuable capacity to support the significant insurance protection gaps facing the world’s fastest growing and most exposed regions. ”
MS Amlin Underwriting is part of the world’s top 10 insurance group MS&AD and is a leading global (re)insurer with operations in Lloyd’s, UK, Middle East and Asian markets.