MS Amlin has set up a new Bermudian-domiciled sidecar with more than $60 million of capital backing.

The global re/insurer with offices in Bermuda, the UK and continental Europe, said the new special purpose insurer, Viribus Re Ltd, would provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018.

Viribus Re Ltd has entered into a quota share agreement with MS Amlin, from the start of this year, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio.

MS Amlin said capital had been committed by a number of third-party investors, including MS Amlin, which has committed $5 million.

James Few, global managing director of reinsurance at MS Amlin, 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, whilst providing us with greater scope and flexibility to support the evolving needs of our clients.

“We are delighted to have secured funding for Viribus Re Ltd from a range of new partners whom we look forward to working with closely in the future.”