Created on: January 26, 2024 07:55 AM
Singapore experienced its first catastrophe bond renewal (file photo)
MS Amrin, a global specialist insurance and reinsurance company with offices in Bermuda, announces that Singapore-based MS Amrin Asia Pacific Pte Ltd has completed the first catastrophe bond renewal in the city-state’s history. did.
MS Amrin announced that it has secured secured capacity through a number of investors around the world and successfully renewed its local special purpose reinsurance vehicle, Phoenix 2 Reinsurance.
The company said, “With the challenging natural disaster risk environment in Asia, the renewal of catastrophe bonds, the first in the region, will expand supply capacity to the local market, improve insurance companies’ reinsurance capabilities, and provide more natural disaster protection. Disaster compensation will become possible.” written. ”
According to the company, MS AAP will work with the Monetary Authority of Singapore and jointly with HSZ Group’s Hong Kong-based ILS specialist firm ILS Advisors to leverage the Insurance-Related Securities Disaster Bonds Grant, initially in 2022. Established Phoenix 2 Re.
Following the renewal of Phoenix 2 Re, MS APP now has four vehicles in the series: Phoenix 1, 2, 3 and the renewed Phoenix 2 Re (2024), with a capacity of 8,000 to support local migrant workers in Asia. It was over a million dollars.
Will Ho, CEO of MS Amrin Asia Pacific, said:
“This milestone confirms our commitment to Singapore’s growing ILS market and highlights the hub’s growing importance as a pipeline for investment into Asia.
“We see significant growth opportunities in the region’s attractive ILS market and have ambitious plans to further expand the Phoenix Re range.
“We are also exploring other Singapore-based risk transfer solutions to support global investors, increase insurance capacity in Asia, and fill the insurance protection gap in the region.”
Tim Yip, Head of ILS at ILS Advisors, said: “We are pleased to work with the Monetary Authority of Singapore to provide continued support to MS Amrin as it further strengthens its leadership role in expanding the Asian ILS market.” Launch of the fourth Phoenix series.
“Not only did the majority of investors renew their commitment to this program, but we also welcomed new investors who contributed additional production capacity and demonstrated confidence in this opportunistic and promising region. is very rewarding.”
MS Reinsurance has offices in Bermuda, Switzerland, Miami, New York, London, and Labuan, Malaysia.
Mr. Will Ho, CEO of MS Amlin Asia Pacific Pte Ltd (file photo)
Tim Yip, ILS Advisor and Head of ILS (file photo)