Specialist global insurer and reinsurer, MS Amlin, has announced the launch of a new Bermuda-based special purpose reinsurer, called Viribus Re Ltd.
The new reinsurer has been established to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018, and has entered into a quota share agreement with MS Amlin.
The quota share started from January 1st, 2018, and sees Viribus Re Ltd reinsure a share of MS Amlin’s international property catastrophe excess of loss portfolio.
The new reinsurance vehicle has launched with secured commitments of over $60 million, $5 million of which came from MS Amlin, with the remainder being committed by third-party investors.
James Few, Global Managing Director of Reinsurance, MS Amlin, commented; “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.”