SCOR sponsors $200m cat bond

05-05-2020

SCOR has sponsored a new catastrophe bond called, Atlas Capital Reinsurance 2020 (ACR), which will provide a multi-year risk transfer capacity of $200 million to protect itself against storms in the US and earthquakes in the US and Canada. 

ACR’s risk period runs from April 30, 2020, to May 31, 2024. It was priced on April 22, 2020, and closed on April 29, 2020, and is the first index-based trigger cat bond approved in Ireland under Solvency II.

The issue has received the approval of the Central Bank of Ireland (CBI) and the Irish regulatory authorities. GC Securities acted as sole structuring agent and bookrunner, with Clifford Chance and Walkers serving as legal counsel. 

Jean-Paul Conoscente, chief executive officer of SCOR Global P&C, said there had been a very positive response from investors, enabling it to scale up the issue. “This is a true testament to SCOR’s legacy as a frequent and innovative sponsor on the ILS market,” he added.

SCOR, Cat bond, Jean-Paul Conoscente, Walkers, Clifford Chance, GC Securities, ILS, Central Bank of Ireland

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