June 1, 2022 - N° 12
SCOR successfully sponsors a new catastrophe bond, Atlas Capital Reinsurance 2022 DAC
SCOR has successfully sponsored a new catastrophe bond (“cat bond”), Atlas Capital Reinsurance 2022 DAC, which will provide the Group with a multi-year risk transfer capacity of USD 240 million to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as European windstorms. The risk period for Atlas Capital Reinsurance 2022 will run from June 1st, 2022, to May 31, 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 May 23rd, 2022 and closed on May 27th, 2022. GC Securities1 acted as sole structuring agent and joint-bookrunner for the deal, and Natixis2 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.
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.”
Nathalie Mikaeloff and Alexandre Garcia
SCOR, a Global Tier 1 Reinsurer
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021 and serves clients in more than 160 countries from its 36 offices worldwide.
For more information, visit: www.scor.com.
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1 GC Securities is a division of MMC Securities LLC, a U.S. registered broker-dealer and member of FINRA/NFA/SIPC.
2 Natixis (“Natixis”) is supervised by the European Central bank (“ECB”). Natixis is authorized in France by the Autorité de ContrôlePrudentiel et de Résolution(“ACPR”) as a Bank –Investment Services Provider and subject to its supervision. Natixis is regulated by the Autorité des Marchés Financiers (“AMF”) in respect of its investment services activities. Natixis is subject to limited regulation by the Financial Conduct Authority (“FCA”) in the United Kingdom.