SCOR has sponsored a new catastrophe bond called Atlas Capital Reinsurance 2022 DAC.
According to the firm, the new bond will provide the group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as European windstorms.
Jean-Paul Conoscente, CEO of SCOR P&C, said: “SCOR is pleased to renew its commitment to the ILS market, securing multi-year protection in a challenging market environment. Issuing cat bonds is an integral part of SCOR’s capital protection, of which Atlas 2022 is the latest example.”
SCOR said that the Atlas Capital Reinsurance 2022 DAC is an aggregate, index-based trigger cat bond approved in Ireland under Solvency II.
Conoscente added: “The positive market reaction, securing increased capacity, is a tribute to SCOR’s commitment to the ILS market and more broadly to sustainable underwriting. We are grateful to the Irish regulatory bodies for their support and responsiveness during this transaction.”
The firm said in a statement that the cat bond was priced on May 23rd, 2022 and closed on May 27th, 2022. GC Securities acted as sole structuring agent and joint-bookrunner for the deal, and Natixis acted as sustainability advisor and joint-bookrunner. Willkie Farr and Walkers advised SCOR as legal counsels.
This new bond issuance seems to reflect SCOR’s announcement in September last year of a set of ‘ambitious growth targets’ as part of its strategic plans in 2022.
