MS Amlin grows Phoenix Re cat bond to $115 million for 2026

MS Amlin has renewed its Phoenix Re catastrophe bond for the sixth consecutive year, increasing collateralised capacity to $115 million – the largest issuance to date.

The renewal of Phoenix Re 3 marks a $25 million increase on 2025 and continues the expansion of MS Amlin’s Singapore-based catastrophe bond, which provides quota share support for the insurer’s Asia-Pacific reinsurance portfolio.

Since launching in 2021, Phoenix Re has grown steadily, supported by consistent investment performance and rising investor appetite for accessing Asia’s diverse catastrophe risks.  The vehicle offers exposure to perils that are largely uncorrelated with peak zones, with diversification across APAC and MENA.