SCOR returns to London market for new $250m catastrophe bond
French reinsurer SCOR has returned to the London market for its latest $250 million catastrophe bond to protect itself against losses from named storms and earthquakes in the US and Canada, and windstorms in Europe.
Atlas Capital UK 2019 will provide the group with multi-year risk transfer capacity of $250 million. The risk period will run from June 1, 2019 to May 31, 2023.
The transaction has received the approval of the Prudential Regulatory Authority (PRA) and the UK regulatory authorities.
SCOR was the first reinsurer to use the new UK ILS regime to issue a catastrophe bond in 2018.
The capital shield policy is a strategic axis for SCOR. The group has regularly used capital market solutions for this purpose, having completed 16 transactions since 1999, including cat bonds, sidecars, mortality bonds and innovative contingent capital protections.
Jean-Paul Conoscente, CEO of SCOR Global P&C, said: “Having been the first company to successfully sponsor a cat bond under the UK ILS regime in 2018 and continuing its policy of diversifying capital protection tools, SCOR has returned to the London Market to issue Atlas Capital UK 2019.
"The strength of support for this transaction enabled SCOR to upsize it despite current market conditions – which is reflective of the quality of SCOR’s franchise and reputation as an innovative and long-term sponsor. The SCOR team is grateful to the PRA and the other UK regulatory authorities involved for the speed and efficiency they have once again demonstrated in their review and approval of the transaction.”
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