MS Amlin Underwriting Ltd. (MS AUL), the Lloyd’s global specialty re/insurer, announced its Singapore-based operation has launched its second local special purpose reinsurance vehicle (SPRV).
Called Phoenix 2 Re Pte. Ltd., this SPRV will provide a quota share to MS Amlin Asia Pacific Pte. Ltd. (MS AAP) for its select reinsurance portfolio written via its Singapore underwriting platform. The SPRV complements the company’s first SPRV, Phoenix 1 Re, in terms of ceded business and structure.
Phoenix 2 Re has secured US$37.5 million of collateralized capacity through a number of Asia-based investors. MS AAP worked in conjunction with the Monetary Authority of Singapore (MAS), to establish Phoenix 2 Re, using an insurance-linked securities (ILS) catastrophe bond grant, alongside Hong Kong-based ILS specialist ILS Advisers, part of the HSZ Group.
“We are pleased to have secured capital for Phoenix 2 Re during a challenging time for fundraising, a testament to our financial soundness, robust risk management systems, and reputation. This launch is a natural continuation of our first SPRV and highlights our commitment to the region, as well as source innovative ways to cultivate relationships with capital market partners,” commented Will Ho, CEO of MS MS AAP. (MS AUL and MS AAP are subsidiaries of global top-10 insurance group MS&AD).
“We are delighted to have launched another ILS offering with the help of HSZ and are thankful for the support provided by everyone involved, in particular to MAS and Lloyd’s Asia for their continued support to us in this space,” added Ho.
“In 2021, Phoenix 1 Re showed the value that thoughtful and creative access to a new set of independent and diversified perils can provide to ILS investors, especially in yet another year where many faced a string of significant natural catastrophe losses from the more traditionally accessed parts of the world,” said Tim Yip, Executive Director, ILS Advisers.
“We were very pleased to work with MS Amlin Asia Pacific again, helping them arrange their latest investment opportunity focused on the emerging Asia region, and to support their goal of providing products and innovative solutions required for a region facing a large and ever-growing insurance protection gap,” Yip continued. “With Phoenix 2 Re successfully issued out of Singapore, this continues to demonstrate Singapore’s value as an entry point for capital, to support the growing needs of the region.“
Source: MS Amlin Underwriting Ltd.
Topics Auto Reinsurance Mississippi
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