MS Amlin has announced that a new Bermuda-domiciled special purpose reinsurer, Viribus Re, has been created to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.
Viribus Re has entered into a quota share agreement with MS Amlin, incepting January 1, 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.
MS Amlin global managing director James Few 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.”