Vehicle offers multi-year protection against named storms in the US, earthquakes in the US and Canada, and European windstorms
SCOR has sponsored a new catastrophe bond - part of its long-running Atlas Capital Re programme. Atlas Capital Reinsurance 2022 DAC will provide the group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the US and earthquakes in the US and Canada, as well as European windstorms.
Jean-Paul Conoscente, CEO of SCOR P&C, comments: “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.”
The risk period for Atlas Capital Reinsurance 2022 will run from 1 June 2022, to 31 May 2025. The transaction has received the approval of the Irish regulatory authorities. The cat bond offering integrates ESG related considerations to support investors’ due diligence.
”The positive market reaction, securing increased capacity, is a tribute to SCOR’s commitment to the ILS market and more broadly to sustainable underwriting,” continued Conoscente. “We are grateful to the Irish regulatory bodies for their support and responsiveness during this transaction.”
The cat bond was priced on 23 May 2022 and closed on 27 May 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.
Atlas Capital Reinsurance 2022 DAC is an aggregate, index-based trigger cat bond approved in Ireland under Solvency II.