Specialist global insurance and reinsurance firm MS Amlin is the latest to announce the launch of a collateralised reinsurance sidecar vehicle for 2018, announcing a $60 million plus vehicle named Viribus Re Ltd, which will provide collateralised reinsurance support to its Lloyd’s syndicate.
Viribus Re Ltd. is a newly registered Bermuda-domiciled special purpose reinsurance vehicle that has been launched for the 2018 underwriting year.
The sidecar vehicle will provide fully-collateralised retrocessional reinsurance support to MS Amlin Syndicate 2001 at Lloyd’s of London, taking a share of the syndicates global reinsurance portfolio in 2018.
To begin, Viribus Re Ltd has entered into a quota share arrangement with MS Amlin, as of January 1st 2018, which sees the sidecar vehicle reinsuring a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio.
MS Amline said that Viribus Re has secured commitments of more than $60 million for its laucnh, with capital committed by third-party investors, including MS Amlin which has itself committed $5 million to the sidecar to demonstrate aligment of interests.
MS Amlin said that the introduction of new investors in the Viribus Re reinsurance sidecar, alongside its existing capital structures and partners, strengthens its standing in the global reinsurance market
James Few, Global Managing Director of Reinsurance at MS Amlin, commented on the launch of Viribus Re, “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.”
Aon Securities acted as sole structuring and placement agent for the launch of Viribus Re, while Willkie Farr & Gallagher UK (LLP) acted as legal counsel for the transaction.
For more details on reinsurance sidecar investments and transactions view our list of collateralized reinsurance sidecars.
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