1st June 2022
SCOR has successfully sponsored a new catastrophe bond, Atlas Capital Reinsurance 2022 DAC, which 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. The risk period for Atlas Capital Reinsurance 2022 will run from 1st June 2022, to 31st 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 cat bond was priced on 23rd May, 2022 and closed on 27th May 2022. GC Securities1 acted as sole structuring agent and joint-bookrunner for the deal, and Natixi2 acted as sustainability advisor and joint-bookrunner.
Atlas Capital Reinsurance 2022 DAC is an aggregate, index-based trigger cat bond approved in Ireland under Solvency II.
Maintenance of an efficient capital shield is a strategic cornerstone of the SCOR Group, with the full array of capital market solutions being deployed by the Group.
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 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.”
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