MS Amlin has renewed its Phoenix Re catastrophe bond for the sixth consecutive year, increasing collateralized capacity to US$115 million. The renewal represents the largest issuance since the Singapore-based vehicle launched in 2021.
The 2026 renewal of Phoenix Re 3 reflects a US$25 million increase from the previous year. The catastrophe bond provides quota share support for MS Amlin's Asia-Pacific reinsurance portfolio.
Phoenix Re was established with support from a Monetary Authority of Singapore ILS grant, with its initial deal sized at US$42 million. In 2024, MS Amlin became the first insurer to renew a catastrophe bond domiciled in Singapore.
The vehicle offers exposure to perils across the Asia-Pacific and Middle East-North Africa regions. According to MS Amlin, these risks are largely uncorrelated with peak zones.
The renewal comes amid broader ILS market expansion. Catastrophe bond issuance exceeded US$18 billion by the end of the third quarter of 2025, with the outstanding market estimated at about US$56 billion, according to Artex Risk.
Consultancy bfinance noted that stronger pricing, higher interest rates, and revised structures since 2022 have supported improved cat bond outcomes and drawn new and returning capital into ILS strategies.
William Ho (pictured above), CEO of MS Amlin Asia Pacific, said surpassing the US$100 million mark represents a milestone for Phoenix Re. He noted Phoenix Re has responded to regional natural catastrophes, including the Myanmar-Thailand earthquake, which "has helped communities rebuild and reinforced confidence in the resilience of our strategy, modelling, and underwriting discipline."
He added that "this year's fundraise was the smoothest to date, reflecting the growing familiarity of investors with Asia and Phoenix Re's consistent performance, which has seen it deliver average annualized returns of 9%."
Tim Yip, executive director and head of ILS Advisers, said the Phoenix portfolio provides access to around 20 regional perils through approximately 200 reinsurance policies without clashing exposures.
Looking ahead, Ho said MS Amlin is exploring plans to expand its ILS offering in 2026. However, he said further growth would depend on strengthening regional capability.
Yip agreed, noting that "the best opportunities in this region typically remain local, and accessing them requires a strong on-the-ground presence."
