- The Chartered Insurance Institute-a moving experience
- Marsh & McLennan moves for JLT
- AIR Worldwide estimates industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn-excluding impact of ongoing unprecedented flooding
- Willis Re annual Silent Cyber Risk Outlook global survey indicates insurers are expecting increased cyber-related losses across all business lines over the next 12-months
- PRA issues consultation paper related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers
- FCA closes remaining investigations into life insurance sector without taking enforcement action
- Insurance Europe responds to EC proposal for a review of the 2009 Motor Insurance Directive(MID) expired
- Co-operators launches new digital insurance product in two months through Slice Labs Insurance Cloud Service expired
- Aviva completes share buyback prgramme expired
- AXA IM moving to the next phase of its commitment to strengthen Responsible Investment (RI) capabilities expired
- Conning publishes US Life-Annuity Consumer Markets Annual expired
- Five-year dairy farmer microinsurance project launched in Kenya-supported by ICMIF members expired
10th January 2018
MS Amlin creates new Bermuda-domiciled special purpose reinsurer Viribus Re
MS Amlin has announced that a new Bermuda-domiciled special purpose reinsurer, Viribus Re Ltd, has been created to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.
Viribus Re Ltd has entered into a quota share agreement with MS Amlin, incepting 1st January 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. The combination of new investors in Viribus Re, alongside existing capital structures and partners, strengthens MS Amlin’s position as a leading global (re)insurer.
James Few, Global managing director of Reinsurance at MS Amlin, comments “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. We are delighted to have secured funding for Viribus Re Ltd from a range of new partners whom we look forward to working with closely in the future."
Mitsui Sumitomo Trends(150 articles)