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MS Amlin funds new Bermuda sidecar

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MS Amlin P.L.C. has funded a new Bermuda sidecar, Viribus Re Ltd., with its own and third-party capital to provide collateralized capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018, the company said in a statement Monday.

Viribus Re Ltd. will be initially capitalized by more than $60 million from both third-party investors and MS Amlin, which has committed $5 million, the statement said.

The new sidecar has entered into a quota share agreement with MS Amlin, beginning January 1, to reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio, the statement said.

“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,” James Few, global managing director of reinsurance at MS Amlin, said in the statement.