MS Amlin places new Phoenix Re securitized sidecar notes for 2026. $24.5m seen so far

MS Amlin is back in the market to place securitized notes under its Phoenix Re series of collateralized reinsurance sidecar deals, with a $24.5 million tranche of notes under its Singapore registered Special Purpose Reinsurance Vehicle named Phoenix 2 Re Pte. Ltd. so far, Artemis can reveal.

2026 will be the sixth consecutive year that MS Amlin, via its MS Amlin Asia Pacific Pte. Ltd. division, has returned to the capital markets to renew protection through its collateralized catastrophe quota share reinsurance sidecar vehicles, which fall under the Phoenix Re name.

Singapore based special purpose reinsurance vehicles have been used in each case and we understand that trend continues for 2026.

MS Amlin has said in the past that its Phoenix Re sidecar platform offers investors an efficient access point to diversifying reinsurance risk.

This diversification has been achieved in the past with MS Amlin supplying risks featured in more than 150 layers annually across APAC and MENA, through a sidecar arrangement but issued via a structure that functions similarly to a portfolio of catastrophe bonds.

The company accesses broad capital markets backed retrocessional reinsurance protection through the Phoenix Re sidecar series, sharing parts of its diverse portfolio of natural catastrophe risk with third-party investors.

The first Phoenix sidecar deal was placed for the 2021 underwriting year and was $42.14 million in size, while a second issuance that used the Phoenix 2 Re SPRV saw the arrangement slightly smaller at $37.5 million for the 2022 underwriting year.

For the 2023 renewal, MS Amlin sponsored its third capital market arrangement, upsizing the collateralised reinsurance sidecar arrangement, as Phoenix 3 Re Pte. Ltd. was $45 million in size.

Then, for 2024, in renewing tranches of Phoenix 2 Re, MS Amlin secured a further $35.25 million in retrocessional protection from its Asia catastrophe risk focused sidecar program, lifting the total sidecar protection to almost $87.5 million.

Most recently, for the 2025 underwriting year, the Phoenix Re reinsurance sidecar platform was renewed to provide $90 million of capital support, so the largest total protection MS Amlin had from the sidecar series yet.

Of that, roughly $55.75 million in new securitized sidecar notes were issued and listed in January 2025, with $5.75 million coming from the Phoenix 2 Re structure and a further $50 million from the Phoenix 3 Re Pte. Ltd. Singapore based special purpose reinsurance vehicle for the 2025 renewal, Artemis understood at the time.

Now, we’ve learned of a single tranche of notes issued for 2026 by Singapore SPRV Phoenix 2 Re Pte. Ltd., a first placement for the coming year.

We’ve seen information that a $24.5 million 2026 Class E tranche of notes has been issued by Phoenix 2 Re Pte. Ltd.

These $24.5 million of Class E notes settled last week and have a final maturity date in early January 2038.

As we understand it, this is the largest tranche of notes issued by the Phoenix 2 Re Pte. Ltd. vehicle so far and they are set to be listed on the Singapore Stock Exchange, as others have been.

Last year, MS Amlin said that it was seeing rising investor appetite for its Phoenix Re sidecar offerings in securitized catastrophe bond like formats.

The company explained at the time that investors are showing growing interest in accessing Asia’s large and diverse pool of catastrophe risks, which it shares access to through the Phoenix Re vehicles.

As a result, it is possible that more come to light and the total Phoenix Re sidecar offering for 2026 could end up being larger than this initial $24.5 million of new Phoenix 2 Re Class E notes. We will update you should any additional information emerge.

For details of many reinsurance sidecar investments and transactions over the history of the ILS market, view our comprehensive list of collateralized reinsurance sidecars transactions.