MS Amlin Asia Pacific (MS AAP) has launched a local special purpose reinsurance vehicle (SPRV) in Singapore with $42m collateralised capacity.

Dubbed Phoenix 1 Re, the SPRV will support MS Amlin Syndicate 2001’s Asia reinsurance portfolio through its Singapore based underwriting platform.

It will also present alternative capital providers with the opportunity to access MS Amlin Asia Pacific’s diverse regional portfolio, which includes over 10 territories.

Moreover, the launch of Phoenix 1 Re will enable MS AAP to offer enhanced products and services to their clients and partners locally within the Pan-Asian region.

In addition, it will help the company roll out new alternative capital sources to help reduce the region’s protection gap.

MS AAP CEO Will Ho said: “We are delighted to have secured funding for Phoenix 1 Re. Through the creation of a remote risk facility, which caters to regional business, MS AAP will now be able to leverage larger capacity that we can deploy to our core clients on their reinsurance programmes as demand and growth increases in Asia.

MS AAP collaborated with the Monetary Authority of Singapore (MAS), Lloyd’s Asia, and Hong Kong-based ILS specialist ILS Advisers for the launch of Phoenix 1 Re. It was also supported by a wide range of local service providers.

Ho further said: “Phoenix 1 Re is an important long-term strategic initiative for MS AAP as we continue to seek ways to build capacity and relationships with capital market partners, and we are grateful for the support received from MAS, Lloyd’s Asia and ILS Advisers in establishing the vehicle.”

Lloyd’s Asia CEO Pavlos Spyropoulos stated that the establishment of MS AAP’s ILS vehicle is an important milestone in the Lloyd’s Asia platform’s growth story and evolution.

In 2019, MS Amlin unveiled a new underwriting strategy that included the closure of nine classes of business.