MS Amlin launches $60m reinsurance sidecar
Specialty re/insurer MS Amlin has established a new Bermuda-domiciled special purpose reinsurer and raised some $55 million from third party investors to back the venture.
Viribus Re will be used to provide collateralised capacity support to Syndicate 2001’s global reinsurance portfolio in 2018.
Viribus Re has entered into a quota share agreement with MS Amlin, incepting January 1, under which it will reinsure a share of MS Amlin’s worldwide property-catastrophe excess-of-loss portfolio.
The vehicle has secured commitments of more than $60 million. Capital has been committed by a number of third party investors in addition to MS Amlin, which has committed $5 million. The combination of new investors in Viribus Re, alongside existing capital structures and partners, strengthens MS Amlin’s position as a leading global re/insurer, the company claimed.
James Few, global managing director of reinsurance at MS Amlin, said: "This is an important long-term strategic initiative for MS Amlin as we continue to seek ways to build capacity and relationships with capital market partners, whilst providing us with greater scope and flexibility to support the evolving needs of our clients. We are delighted to have secured funding for Viribus Re from a range of new partners whom we look forward to working with closely in the future."
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