The company renews its commitment to providing regional ILS capacity.

MS Amlin, the Lloyd's global specialty (re)insurer, announces that MS Amlin Asia Pacific Pte. Ltd (MS AAP), its Singapore-based operation, has launched for the third year running, a local special purpose reinsurance vehicle (SPRV); Phoenix 3 Re Pte. Ltd. This SPRV will also provide a quota share to MS AAP for its select reinsurance portfolio written via its underwriting platform in Singapore, and complements existing SPRV, Phoenix 2 Re, in terms of ceded business and structure.

Phoenix 3 Re has secured over USD45m of collateralised capacity, more than its predecessors Phoenix 1 Re and Phoenix 2 Re. Alongside an increased underwriting risk appetite, this gives MS AAP close to USD83m of capacity through its Phoenix vehicles, to support local Asian cedents.

MS AAP has worked in conjunction with the Monetary Authority of Singapore (MAS) again to establish Phoenix 3 Re, using an insurance-linked securities (ILS) catastrophe bond grant, with support from Hong Kong-based ILS specialist ILS Advisers, part of the HSZ Group.

Will Ho, CEO, MS Amlin Asia Pacific Pte Ltd, said: 'I am delighted we have launched Phoenix 3 Re, the latest and largest of our special purpose vehicles. Over the last two years, with the performance of Phoenix 1 and 2 Re, we have cemented our reputation and demonstrated our reinsurance credentials to investors, advisors, cedents and MAS. This has enabled us to secure more investment and offer more capacity for local cedents. We are in the midst of a tough trading and investment environment, so against this backdrop, the confidence shown by these important stakeholders in MS Amlin, is extremely gratifying. My thanks to everyone involved, particularly HSZ, MAS and Lloyd's Asia for their continued support.'

Tim Yip, Executive Director, ILS Advisers, commented: 'With Phoenix 3 being the latest and largest supported issuance of the three Phoenix offerings from MS Amlin Asia Pacific, who again are leading the way in terms of developing investment offerings focused on emerging Asia growth. We are very pleased to see the continued increasing comfort level that investors are gaining with this diverse region and perils, and the value that diversifying investment opportunities can add to ILS portfolios if structured and compensated correctly. This is a transaction that has been issued and arranged out of Asia, supported by Asia based service providers, sponsored by an Asia based underwriting team and directly provide capacity specifically for emerging Asia, which shows that Singapore can be a hub to attract alternative capital as a source of valuable capacity to support the significant insurance protection gap facing the largest growing and most natural catastrophe exposed region in the world.'

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About MS Amlin Underwriting Limited

MS Amlin Underwriting Limited is a leading global (re)insurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd's, UK, Middle East and Asia markets. With a 300-year record, we deliver a quality service for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine and Reinsurance markets.

We are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.

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