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10th January 2018
MS Amlin creates new Bermuda-domiciled special purpose reinsurer Viribus Re
MS Amlin has announced that a new Bermuda-domiciled special purpose reinsurer, Viribus Re Ltd, has been created to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.
Viribus Re Ltd has entered into a quota share agreement with MS Amlin, incepting 1st January 2018, 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 $60m. Capital has been committed by a number of third party investors, including MS Amlin, which has committed $5m. 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.
James Few, Global managing director of Reinsurance at MS Amlin, comments “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 Ltd from a range of new partners whom we look forward to working with closely in the future."
Mitsui Sumitomo Trends(150 articles)