Global insurer and reinsurer MS Amlin has announced that 2026 renewals for Phoenix Re, its Asia-focused insurance-linked securities (ILS) vehicle, have reached a record $115 million, an increase of $25 million from 2025.
As our ILS-focused sister publication Artemis revealed on December 24, 2025, this is the sixth update for the Phoenix Re sidecar vehicle, with the release of Phoenix Re 3 being the largest yet. The Asia ILS facility provides quota share support to the company’s Asia-Pacific reinsurance portfolio.
Since its launch in 2021, the tool has grown steadily on the back of continued investment performance and growing investor interest in diversified catastrophe risks in Asia. The risks faced by Phoenix Re are largely agnostic to peak areas and are diversified across Asia Pacific and the Middle East and North Africa.
MS Amlin launched vehicles with a mortgage capacity of US$42 million and issued a US$37.5 million bond through Phoenix Re 2 in 2022. In 2023, the company launched the Phoenix Re 3 sidecar for US$45 million, with the issuance increasing to over US$80 million in 2024, becoming the first updated ILS arrangement in Singapore.
In last year’s renewal, MS Amlin increased available mortgage capacity to over $90 million, a figure that has now increased by nearly 28% to a record $115 million in 2026.
William Ho, Chief Executive Officer of MS Amlin Asia Pacific Pte Ltd, commented: “Breaking the US$100 million mark is the latest major milestone for Phoenix Re, reflecting its strong performance and growing investor interest in Asian catastrophe risks.
“Phoenix Re has responded to a series of regional natural disasters over the past year, including the Myanmar-Thailand earthquake, helping communities rebuild and increasing confidence in the resilience of our strategies, models and underwriting disciplines.
“This year’s financing has been the smoothest to date, reflecting investors’ increasing familiarity with Asia and Phoenix Re’s consistent performance, with average annualized returns of 9%.”
Tim Yip, executive director and head of ILS Advisers, added: “Over the past six years, Phoenix Re’s transactions have provided our portfolio with truly global, diversified exposure in a balanced and accretive manner, without reliance on the public 144A catastrophe market, where diversified exposure often provides insufficient compensation. The Phoenix Re portfolio has access to approximately 200 investments across a portfolio of approximately 200 ventures “High-dependency, ‘cat bond-like’ reinsurance policies, all of which do not conflict with exposures within the portfolio, enable seamless integration and allow us to avoid allocating capital to regions where secondary risk or return levels are simply unattractive.” “
Ho said the reinsurer is looking for ways to expand its ILS product range in 2026 to meet the risk appetite of different investors.
Ho said: “We are committed to supporting the continued growth of the Asian ILS market. We aim to expand our product offerings across the entire risk spectrum. The market has expanded this year and we expect this momentum to continue into 2026.”
However, the executive stressed that further growth will require strengthening regional capabilities, something Mr Ye agreed with.
“The best opportunities in the region are often local, and access to those opportunities requires a strong on-the-ground presence,” Ye said.
