The specialist global insurer has announced that it has established Viribus Re Ltd, a new Bermuda-based special purpose reinsurer that is meant to provide the firm with collateralised capacity support for its MS Amlin Syndicate 2001 portfolio.
As of January 01, Viribus has entered into a quota share agreement with MS Amlin which will see it reinsure a share of the company’s worldwide property catastrophe excess of loss portfolio – a move that James Few, global managing director of reinsurance at MS Amlin, described as strengthening its position.
“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, while providing us with greater scope and flexibility to support the evolving needs of our clients,” he said.
According to a release, the vehicle has secured commitments of more than US$60 million with capital committed by several third party investors including MS Amlin which has itself committed US$5 million.
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