trending Market Intelligence /marketintelligence/en/news-insights/trending/l-siqgbrzckiazappbp4_a2 content esgSubNav
In This List

French reinsurer Scor launches $300M earthquake, wind cat bond in UK

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


French reinsurer Scor launches $300M earthquake, wind cat bond in UK

French reinsurer Scor SE is sponsoring a $300 million catastrophe bond in the U.K. to provide multi-peril retrocessional reinsurance protection against U.S. named storm, U.S. and Canada earthquake and European windstorm risks, Artemis reported May 16.

The SCOR transaction is the first full catastrophe bond issuance to be domiciled in the U.K. since the country changed regulations making the U.K. a more attractive venue for insurance-linked security issuance, Artemis reported.

The single tranche Series 2018 ISPV 1 bond, via newly registered special-purpose vehicle Atlas Capital UK 2018 PLC, will provide coverage across a four-year term. SCOR unit SCOR Global P&C SE is the ceding company, but the coverage is expected to apply across SCOR businesses, Artemis said.

The coverage will be provided on an annual aggregate basis, using locally weighted industry loss triggers that incorporate a deductible per event for every covered peril. The notes are being marketed with a spread guidance of 6% to 6.5%, sources told the news outlet.

GC Securities is acting as sole structuring agent and joint book runner. AIR Worldwide is serving as risk modeling and calculation agent.