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SCOR taps capital markets for $200mn of multi-year reinsurance capacity

5th May 2020 - Author: Luke Gallin

Global insurer and reinsurer SCOR has successfully sponsored a new catastrophe bond transaction, providing the Group with $200 million of multi-year risk transfer capacity from the capital markets, to protect against storms in the U.S. and earthquakes in the U.S. and Canada.

SCORSCOR has returned to the catastrophe bond market with a new issuance under its familiar Atlas Capital platform, with a $200 million Atlas Capital Reinsurance 2020 DAC (Series 2020-1) transaction.

The risk period for the re/insurer’s latest cat bond will run from April 30th, 2020, to May 31st, 2024, with the deal pricing on the 22nd of April, 2020, before closing on April 29th, 2020.

GC Securities, a division of reinsurance broker Guy Carpenter, acted as sole structuring agent and bookrunner for the transaction, with Clifford Chance and Walkers acting as legal counsel.

SCOR notes that its Atlas Capital Reinsurance 2020 DAC (Series 2020-1) deal is the first index-based trigger cat bond approved in Ireland under Solvency II, after the issue received approval from the Central Bank of Ireland and the Irish regulatory authorities.

“SCOR is pleased to announce the success of this new catastrophe bond issue. The very positive response from investors has enabled us to scale up the issue. This is a true testament to SCOR’s legacy as a frequent and innovative sponsor on the ILS market. I would like to warmly thank the Central Bank of Ireland and the Irish regulatory bodies for the efficiency with which they reviewed and approved this transaction,” said Jean-Paul Conoscente, Chief Executive Officer (CEO) of SCOR Global P&C.

As shown by our insurance-linked securities (ILS) focused sister publication, Artemis and its extensive directory of cat bond and related ILS deals, SCOR has secured capital markets-backed reinsurance protection in the form of a catastrophe bond many times since its first deal roughly two decades ago.

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