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SCOR closes $300M cat bond, 1st in UK ILS market

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SCOR closes $300M cat bond, 1st in UK ILS market

Scor SE completes a $300 million catastrophe bond, which will provide retrocessional reinsurance protection across a four-year term.

Atlas Capital UK 2018 PLC was priced May 24 and closed May 31. The risk period for the bond will run from June 1, 2018, to May 31, 2022.

The transaction is the first catastrophe bond issued under the U.K.'s new insurance-linked securities regime. It covers named U.S. storms, U.S. and Canada earthquakes and European windstorms.

GC Securities acted as sole structuring agent and book runner for the deal, and Clifford Chance advised SCOR.