Atlas V Capital Ltd.

This $200m, 3 year deal has been issued by Ireland domiciled special purpose vehicle Atlas Reinsurance V Ltd. on behalf of Scor Global P&C. It provides the reinsurer with retrocessional capacity to cover it against certain U.S. and Caribbean hurricane and earthquake risks.

The deal has been structured into three series. Series 1 being $50m of notes, Series 2 of $100m and Series 3 of $50m. Each series provides different layers of protection making it unlikely this deal could be fully exhausted by a single disaster.

The deals trigger is essentially an industry loss warranty. It’s based on PCS reported losses by state. AIR Worldwide will distribute the losses at the state level which will be used to determine whether payout is necessary. It acts as a double trigger mechanism meaning that for a county to trigger a loss to the notes PCS must report losses in that state and AIR Worldwide must estimate those losses within that county.

Atlas Re V will cover Scor for earthquakes within all 48 continental states of the U.S. and the District of Columbia, and hurricanes within Puerto Rico and the eastern states: Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.