Global insurer and reinsurer MS Amlin has announced that Phoenix Re, its Asian-focused insurance-linked securities (ILS) vehicle, has been renewed for 2026 to a record $115 million, an increase of $25 million on 2025.
As revealed by our ILS-focused sister publication, Artemis, back on December 24th, 2025, this is the sixth renewal of the Phoenix Re sidecar vehicle, with this Phoenix Re 3 issuance being the largest to date. The Asian ILS vehicle provides quota share support for the company’s Asia-Pacific reinsurance portfolio.
Since its launch in 2021, the vehicle has grown at a steady pace, supported by consistent investment performance and growing investor appetite for accessing Asia’s diverse catastrophe risks. Phoenix Re offers exposure to perils that are largely uncorrelated with peak zones, with diversification across both APAC and MENA.
MS Amlin launched the vehicle with $42 million of collateralised capacity, returning in 2022 with a $37.5 million issuance through Phoenix Re 2. In 2023, the firm launched the Phoenix Re 3 sidecar at $45 million, which became the first ever renewed ILS arrangement in Singapore in 2024 as it increased to over $80 million.
At last year’s renewal, MS Amlin increased the available collateralised capacity to over $90 million, and this has now increased by almost 28% to the record $115 million for 2026.
William Ho, CEO of MS Amlin Asia Pacific Pte Ltd, commented: “Exceeding the $100m mark is the latest significant milestone for Phoenix Re and reflects both its strong performance and the increasing investor appetite for Asian catastrophe risks.
“Phoenix Re has responded to a series of regional natural catastrophes over the past year, including the Myanmar-Thailand earthquake, which has helped communities rebuild and reinforced confidence in the resilience of our strategy, modelling, and underwriting discipline.
“This year’s fundraise was the smoothest to date, reflecting the growing familiarity of investors with Asia and Phoenix Re’s consistent performance, which has seen it deliver average annualised returns of 9%.”
Tim Yip, Executive Director and Head of ILS Advisers, which acts as both structurer and cornerstone co-investor for the vehicle, added: “For the past six years, the Phoenix Re transactions have provided our portfolio with truly global, diversified exposure in a balanced and accretive manner – without relying on the public 144A cat market, where diversifying perils often fail to offer adequate compensation. The Phoenix portfolio grants access to around 20 diversifying regional perils through approximately 200 high-attaching, ‘cat bond-like’ reinsurance policies, all without clashing exposures within the portfolio. It integrates seamlessly, enabling us to avoid allocating capital to secondary perils or regions where return levels are simply not attractive.”
According to Ho, the re/insurer is looking at ways to broaden its ILS offering in 2026 to cater to different investor risk appetites.
“We’re committed to supporting the continued development of the ILS market in Asia. Our ambition is to broaden our product offering across the risk spectrum. The market has expanded this year, and we expect that momentum to carry into 2026,” said Ho.
However, the executive emphasises that further growth requires strengthening regional capability, something Yip agrees with.
“The best opportunities in this region typically remain local, and accessing them requires a strong on-the-ground presence,” said Yip.
