Artemis Live - Insurance-linked securities (ILS), catastrophe bonds (cat bonds), reinsurance 160: Phoenix sidecar - Challenging the norm, delivering for investors: William Ho, MS Amlin Asia Pacific
Oct 14, 2024
21:16
The innovative Phoenix sidecar series of deals challenged the norm of what is seen in insurance-linked securities (ILS) and the product has delivered for its investors, William Ho, CEO of MS Amlin Asia Pacific told us in a recent interview.
Our latest Artemis Live podcast episode features William Ho, CEO of MS Amlin Asia Pacific, who joined us to discuss the Phoenix sidecar series, a set of collateralized reinsurance transactions issued out of Singapore with a focus on diversifying risks from the Asia Pacific region.
Ho explained on the Phoenix sidecar series of deals, "It was something that was a bit different, a bit diversified, against a peak-zone product.
"Whilst there was a bit of scepticism whether or not we could get something like this done, we felt the timing was right, that despite it being quite a challenging time to try and raise capital, this diversification play, being something a bit different, encouraged us at MS Amlin to to push forward with this kind of project in the region.
"We felt it was a bit innovative, we wanted to challenge the norm, and establish some expectations down the line as well."
Ho went on to explain the track-record of the Phoenix sidecars and told us, "We're going into our fifth year now. So, we've had four years of transactions on the trot. Looking back, we've raised over $160 million over that period of time, averaging between 8% and 9% return-on-capital. From an underwriters perspective, we ceded over $30 million of premium into these vehicles and generated less than a million dollars of losses.
"So, the track-record is building and that proof of concept is now turning into a transaction that can show it's got a track-record and it's got some longevity in it."
Listen to the full episode of this interview with William Ho of MS Amlin Asia Pacific to learn more about the innovative Phoenix series of reinsurance sidecar deals and the investment opportunity it presents.
Our latest Artemis Live podcast episode features William Ho, CEO of MS Amlin Asia Pacific, who joined us to discuss the Phoenix sidecar series, a set of collateralized reinsurance transactions issued out of Singapore with a focus on diversifying risks from the Asia Pacific region.
Ho explained on the Phoenix sidecar series of deals, "It was something that was a bit different, a bit diversified, against a peak-zone product.
"Whilst there was a bit of scepticism whether or not we could get something like this done, we felt the timing was right, that despite it being quite a challenging time to try and raise capital, this diversification play, being something a bit different, encouraged us at MS Amlin to to push forward with this kind of project in the region.
"We felt it was a bit innovative, we wanted to challenge the norm, and establish some expectations down the line as well."
Ho went on to explain the track-record of the Phoenix sidecars and told us, "We're going into our fifth year now. So, we've had four years of transactions on the trot. Looking back, we've raised over $160 million over that period of time, averaging between 8% and 9% return-on-capital. From an underwriters perspective, we ceded over $30 million of premium into these vehicles and generated less than a million dollars of losses.
"So, the track-record is building and that proof of concept is now turning into a transaction that can show it's got a track-record and it's got some longevity in it."
Listen to the full episode of this interview with William Ho of MS Amlin Asia Pacific to learn more about the innovative Phoenix series of reinsurance sidecar deals and the investment opportunity it presents.