Specialist reinsurer MS Amlin has created a new Bermuda-domiciled special purpose reinsurer.
Viribus Re will provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.
The special purpose reinsurer entered into a quota share agreement with MS Amlin, incepting 1 January 2018, under which it will reinsure more than $60 million of the firm’s worldwide property catastrophe excess of loss portfolio.
In addition to MS Amlin, who committed $5 million, capital was committed by a number of third-party investors.
Aon securities were the sole structuring and placement agent for the transaction, while Willkie Farr & Gallagher UK acted as deal legal counsel.
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.”
He added: “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."
