MS Amlin creates new special purpose reinsurer

08-01-2018

MS Amlin has launched a new Bermuda-domiciled special purpose reinsurer, called Viribus Re.

The new sidecar has been created to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.

“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,” said James Few, global managing director of reinsurance at MS Amlin. “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.”

Viribus Re has entered into a quota share agreement with MS Amlin, which started on January 1, 2018, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio.

The new sidecar has secured commitments of more than $60 million. Capital has been committed by a number of third party investors, including MS Amlin, which has committed $5 million. According to Amlin the combination of new investors in Viribus Re, alongside existing capital structures and partners, strengthens its position as a leading global (re)insurer.

MS Amlin, Reinsurance sidecar, Bermuda, Syndicate 2001

Bermuda Re