MS Amlin finalizes first-ever ILS renewal in Singapore

World specialty re/insurer MS Amlin introduced that its Singapore-based operation, MS Amlin Asia Pacific (MS AAP), has accomplished Singapore’s first-ever disaster bond renewal, a essential step in addressing the difficult pure catastrophe danger surroundings in Asia.

This was achieved by way of MS Amlin’s renewal of its native particular goal reinsurance car (SPRV), Phoenix 2 Re. This course of concerned securing collateralized capability from a wide range of worldwide buyers.

MS AAP initially established Phoenix 2 Re in 2022, working along with the Financial Authority of Singapore (MAS) and using an insurance-linked securities (ILS) disaster bond grant. The method additionally concerned collaboration with Hong Kong-based ILS specialist ILS Advisers, a part of the HSZ Group.

Following the renewal, MS AAP now has 4 automobiles in its Phoenix Re collection – Phoenix 1, 2, 3, and the renewed Phoenix 2 Re (2024), collectively providing over US$80 million in capability to help native Asian cedents.

Will Ho, CEO of MS Amlin Asia Pacific, expressed his enthusiasm for finishing Singapore’s first disaster bond renewal and the fourth transaction within the Phoenix Re collection.

“This milestone confirms our dedication to Singapore’s increasing ILS market and highlights the hub’s rising significance as a conduit for funding in Asia,” Ho stated. “We see sturdy progress alternatives within the area’s engaging ILS market and have bold plans to additional increase our Phoenix Re collection. We’re additionally exploring different Singapore-based danger switch options to help world buyers, improve insurance coverage capability in Asia, and assist shut the area’s insurance coverage safety hole.”

“We’re delighted to have been capable of present our ongoing help, alongside the Financial Authority of Singapore (MAS), to MS Amlin as they additional their management position in increasing the Asia ILS market with the launch of their fourth Phoenix collection. This can be very rewarding that not solely have the vast majority of buyers renewed their dedication to this system, but additionally to welcome new buyers who’ve contributed extra capability, demonstrating confidence on this opportunistic and promising area,” ILS Advisers head of ILS Tim Yip stated.

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