MS Amlin Asia Pacific (MS AAP) has launched its second Asia-focused special purpose reinsurance vehicle (SPRV), Phoenix 2 Re.
The new insurance-linked securities (ILS) offering has secured US$37.5 million in collateralised capacity to provide a quota share to MS AAP for its reinsurance portfolio written through a Singapore-based underwriting platform.
Formed in collaboration with the Monetary Authority of Singapore (MAS) and ILS Advisors using an ILS catastrophe bond grant, the new SPRV complements the existing vehicle, Phoenix 1 Re.
MS AAP CEO Will Ho explains: “This launch is a natural continuation of our first SPRV and highlights our commitment to the Asia Pacific region, as well as source innovative ways to cultivate relationships with capital market partners.
“We are delighted to have launched another ILS offering with the help of HSZ Group and are thankful for the support provided by everyone involved, in particular to MAS and Lloyd’s Asia for their continued support to us in this space.”
Tim Yip, executive director of ILS Advisers, adds: “In 2021, Phoenix 1 Re showed the value that thoughtful and creative access to a new set of independent and diversified perils can provide to ILS investors.
“We were very pleased to work with MS AAP again, helping them arrange their latest investment opportunity focused on the emerging Asia region, and to support their goal of providing products and innovative solutions required for a region facing a large and ever-growing insurance protection gap.
“With Phoenix 2 Re successfully issued out of Singapore, this continues to demonstrate Singapore’s value as an entry point for capital, to support the growing needs of the region,” Yip concludes.
