French reinsurer SCOR has successfully sponsored a new catastrophe bond, Atlas Capital DAC Series 2024-1, providing it with a multi-year risk transfer capacity of $175 million against named storms in the US and earthquakes in the US and Canada.
Atlas Capital DAC Series 2024-1 is an aggregate, index-based trigger cat bond issued by Atlas Capital DAC, a multi-arrangement special purpose vehicle approved in Ireland under Solvency II.
The risk period for Atlas Capital DAC Series 2024-1 will run from 1 June 2024 to 31 May 2027, and the cat bond was priced on 24 May 2024 and issued on 30 May 2024.
According to SCOR, the Atlas Capital DAC Series 2024-1 was well received and benefited from high investor demand.
The French reinsurer explained that this vehicle was created in 2023 for the Series 2023-1 cat bond issuance, and that the firm may utilise it to sponsor cat bonds covering various perils in both L&H and P&C.
GC Securities reportedly acted as Sole Structuring Agent and Sole Bookrunner for the deal, while Willkie Farr and Walkers advised SCOR as legal counsels.
You can read more about the Atlas Capital DAC Series 2024-1, and all others, in the Deal Directory of our sister publication, Artemis.
François de Varenne, Group CFO and Deputy CEO of SCOR, commented on the new cat bond, “SCOR is pleased to sponsor a new cat bond this year, securing multi-year protection against peak natural perils from the ILS market.
“We are delighted by the strong investor demand, as cat bonds remain an integral part of SCOR’s capital protection under the Forward 2026 strategic plan. We are also very pleased with the efficiency gains made by reusing Atlas Capital DAC for a second year.”
