SCOR sidecar wins Swedish pension investment
Reinsurer SCOR has secured a $200 million investment from Swedish pension fund Alecta in to its Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the group’s newly created special purpose Bermudan reinsurer Atlas Re.
The investment gives Alecta exposure to the performance of SCOR Global P&C diversified portfolio of property catastrophe reinsurance through a multi-year agreement. It follows the pension fund’s $250m investment in Swiss Re’s fund manager, Swiss Re Insurance-Linked Investment Management and its cat-focussed 1863 fund platform, announced on Tuesday.
“We are very pleased to strengthen our relationship with Alecta through this long-term partnership and to further expand SCOR’s strategy of giving access to its underwriting franchise and diversified portfolio to institutional investors through third-party capital transactions,” said Jean-Paul Conoscente, CEO of SCOR Global P&C.
“This is another important milestone in the development of SCOR’s third-party capital strategy, with an important partnership with a leading pension fund.”
Tony Persson, head of fixed income and strategy at Alecta, said: “Our focus is on generating solid long-term returns for our customers being 2.6 million people and 35,000 businesses across Sweden. We manage our assets in a cost-efficient and sustainable manner, working with a few select external partners where we see relevant investment opportunities.
“We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns benefiting our overall portfolio and are pleased to partner with SCOR given their expertise in this domain. We look forward to a long-lasting collaboration.”
