French reinsurer SCOR recently issued its Atlas IX catastrophe bond. Augustin Gas, retrocession manager at SCOR, talks to Intelligent ILS about the bond’s success, its place within the company’s strategic plan and why catastrophe bonds and sidecars will remain important strategic tools for reinsurers.
French reinsurer SCOR has completed a $150 million bond which gives it named storm and earthquake protection against catastrophe exposures in the US and Canada.
The deal, which offered a single tranche of Series 2015-1 Class A notes, was well received by investors. It was extended out to four years and the pricing came in at the lower end of expectations.
Originally marketed with a guidance range of between 7 percent and 7.75 percent, the bond eventually priced at the lowest end of this range. This represented a multiple of twice its expected loss of 3.43 percent.
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SCOR, cat bond, Atlas IX, Intelligent ILS, ILS