SCOR ISSUES FIRST UK CAT BOND

Scor has become the first reinsurer to issue a cat bond under the UK’s new insurance-linked securities regime. Atlas Capital UK 2018 will provide the Paris-based group with multi-year risk transfer capacity of $300m, with protection against named storms in the US, earthquakes in the US and Canada, and windstorms in Europe. The risk period for Atlas Capital UK 2018 will run from June 1, 2018, to May 31, 2022. Victor Peignet, chief executive of Scor Global P&C, said the decision to sponsor a cat bond in London showed “Scor’s confidence in the UK's ILS regime and our commitment to the cat bond market, as well as our capacity to innovate”. The group’s previous cat bonds have been issued in Ireland. The transaction has received the approval of the UK regulatory authorities. GC Securities acted as sole structuring agent and bookrunner for the deal. Clifford Chance advised Scor.