MS Amlin renews Phoenix Re 3 with 12.5% capacity uplift

By Michael Jones

Jan 29 - (The Insurer) - MS Amlin has renewed its Phoenix Re sidecar, which now has available collateralised capacity of more than $90mn.

This was the fifth consecutive renewal of MS Amlin’s Singapore-based sidecar, with the available capacity for 2025 representing a 12.5 percent uplift year on year.

The Phoenix Re vehicle provides quota share support to MS Amlin’s reinsurance portfolio in the Asia Pacific region.

MS Amlin said it delivered returns of more than 11.5 percent in 2024 despite absorbing the impacts of a number of regional loss events. The insurer said the vehicle provides diversification through more than 150 layers annually across Asia Pacific and the Middle East and North Africa.

HSZ Group, which acts as both structurer and cornerstone co-investor for the vehicle, was also involved in the latest transaction.

Phoenix Re was initially established in 2021, using an ILS catastrophe bond grant from the Monetary Authority of Singapore, with an inaugural deal size of $42mn.

It then returned to the market to launch a second reinsurance sidecar in 2022.

Phoenix 3 was established in January 2023 in conjunction with the Monetary Authority of Singapore, with more than $45mn in collateralised capacity.

Last year, MS Amlin became the first insurer to renew a catastrophe bond domiciled in Singapore through the renewal of its Phoenix Re 2 special purpose reinsurance vehicle.