Atlas Reinsurance III plc

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Atlas Reinsurance III plc – At a glance:

  • Issuer: Atlas Reinsurance III plc
  • Cedent / sponsor: SCOR
  • Placement / structuring agent/s: Goldman Sachs acted as counterparty for the swap agreement
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: Japan earthquake, European windstorm
  • Size: €120m ($159m)
  • Trigger type: Modelled loss
  • Ratings: S&P: 'BB+'
  • Date of issue: Dec 2006

Atlas Reinsurance III plc – Full details:

This multi-year property catastrophe retrocession agreement with Atlas Reinsurance III p.l.c., a special purpose reinsurance company incorporated under the laws of Ireland provides €120 million ($158 milion) of additional reinsurance coverage for SCOR and its affiliates.

Atlas Reinsurance III Plc then transformed the retro contract to cat bond notes and placed them with investors.

This deal provides cover for second and subsequent Europe Windstorm or Japan Earthquake events.

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