Scor gets $240 million multi-year cat coverage through new Altas Capital bond
By Chris Munro
April 9 - (The Insurer) - Scor has secured $240 million of multi-year reinsurance coverage against a host of perils after it successfully sponsored new catastrophe bond Atlas Capital DAC Series 2025-1.
The newly issued cat bond provides Scor with multi-year risk transfer protection of $240 million against named storms in the U.S. and the Caribbean, earthquakes in the U.S. and Canada and European windstorms.
It is an aggregate, index-based trigger cat bond, and Scor said Atlas Capital DAC Series 2025-1 is in line with its cat exposures and retrocession strategy under the company’s Forward 2026 strategic plan.
That plan, Scor noted, identifies risk partnerships – including capital market solutions like cat bonds – as one of the company’s levers for value creation.
Having already got the green light from Irish regulators, the new cat bond will run from June 1, 2025, to May 31, 2028.
François de Varenne, Scor’s group chief financial officer and deputy CEO, said the reinsurer had secured the cat bond “at favorable pricing conditions."
“Scor has been a regular sponsor of cat bonds over the last 25 years, and we are delighted by the strong and continued investor demand, as cat bonds remain an integral part of our risk partnerships strategy under the Forward 2026 plan.
“We are also very pleased with the efficiency gains made by reusing Atlas Capital DAC for a third year,” Varenne added.
Scor said its new cat bond was priced on April 3, 2025, with an interest spread of 7.25%. The bond was then issued on April 9, 2025.
“Atlas Capital DAC Series 2025-1 was well received and benefited from high investor demand,” Scor said.
“The transaction was offered to investors around two months in advance of the start of the risk period, allowing Scor to benefit from the currently favorable conditions in the cat bond market,” the company added.
GC Securities acted as sole structuring agent and sole bookrunner for the deal, while Willkie Farr and Walkers advised Scor as legal counsel.
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