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January 7, 2022

MS Amlin launches SPRV Phoenix 2 Re for Asian region 

Speciality re/insurer MS Amlin Underwriting has launched a new Asia-focused special purpose reinsurance vehicle (SPRV), Phoenix 2.

The new entity has been launched by MS Amlin Asia Pacific (MS AAP), MS Amlin’s Singapore-based business.

This SPRV will offer a quota share to MS AAP for its some reinsurance portfolio written through its underwriting platform in Singapore.

Additionally, in terms of ceded business and structure, Phoenix 2 Re complements its predecessor Phoenix 1 Re.

Several Asia-based investors have offered a $37.5m of collateralised capacity to Phoenix 2 Re.

MS AAP worked alongside the Monetary Authority of Singapore (MAS) to set up Phoenix 2 Re using an insurance-linked securities (ILS) catastrophe bond grant.

MS AAP also worked with Hong Kong-based ILS Advisers, a part of the HSZ Group.

MS Amlin Asia Pacific Will Ho CEO said: “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.”

ILS Advisers executive director Tim Yip said: “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.

“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.”

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