MS Amlin launches Bermuda-based special purpose reinsurer

MS Amlin, the global reinsurer, today announced that a new Bermuda-based special purpose reinsurer, Viribus Re Ltd, has been created 

It says it is 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, which started January 1, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio.

It has secured commitments of more than $60m. Capital has been committed by a number of third-party investors, including $45m from MS Amlin.

James Few, global managing director of reinsurance at 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.”

MS Amlin previously announced a new chief executive, Simon Beale, on 4 January 2018.