MS Amlin, the Lloyd’s global specialist re/insurer, has renewed its Phoenix Re sidecar for the fifth consecutive year, increasing its available collateralized capacity to more than US$90 million.
The renewal of Phoenix Re 3 represents a 12.5% increase from 2024 and continues the expansion of MS Amlin’s Singapore-based sidecar. The vehicle provides quota share support for the company’s reinsurance portfolio in the Asia-Pacific region and has grown since its launch in 2021, reflecting investor interest in accessing Asia’s catastrophe risk market.
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William Ho (pictured above), CEO of MS Amlin Asia Pacific, said the latest renewal demonstrates strong investor appetite for Asian catastrophe risks.
“Our Phoenix strategy has absorbed a number of regional loss events, including floods, earthquakes and super typhoons, while supporting clients and delivering consistent returns. Last year, Phoenix Re achieved returns more than 11.5%, reflecting our disciplined approach to underwriting and deep understanding of Asian risks,” Ho said.
The Phoenix strategy has absorbed multiple regional loss events, including floods, earthquakes, and super typhoons, while maintaining consistent returns for investors. In 2024, Phoenix Re achieved returns exceeding 11.5%, which Ho attributed to disciplined underwriting and expertise in assessing Asian risks.
Read More: MS Amlin finalizes first-ever ILS renewal in Singapore
Asia’s diverse economies, growing investor base, and protection gap position it as a potential hub for insurance-linked securities (ILS), according to MS Amlin. The company sees Phoenix Re as part of its strategy to develop a sustainable ILS market in Asia and offer investors access to regional catastrophe risk.
HSZ Group, which serves as both structurer and cornerstone co-investor for Phoenix Re, was also involved in the latest transaction.
Tim Yip, executive director of HSZ Group, said the expansion of MS Amlin’s Asia-Pacific portfolio provides ILS managers with access to a diverse and evolving market.
“This collaboration has given investors like us increasing confidence in navigating this vast, diverse, and traditionally challenging market in a manner that aligns well with our ILS strategies,” Yip said.
Phoenix Re remains one of the most established Asian-focused ILS sidecars, offering exposure to regional catastrophe risks without direct correlation to peak zones.
The vehicle diversifies risk across more than 150 layers annually in the Asia-Pacific and MENA regions, functioning similarly to a portfolio of catastrophe bonds.
Initially established in 2021 with an ILS catastrophe bond grant from the Monetary Authority of Singapore (MAS), Phoenix Re launched with an inaugural deal of US$42 million.
In 2024, MS Amlin became the first insurer to renew a Singapore-domiciled catastrophe bond, further reinforcing its commitment to developing the region’s ILS market.
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