Atlas Capital UK 2018 PLC (Series 2018 ISPV 1)

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Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) - At a glance:

  • Issuer / SPV: Atlas Capital UK 2018 PLC (Series 2018 ISPV 1)
  • Cedent / Sponsor: SCOR Global P&C SE
  • Placement / structuring agent/s: GC Securities is sole structuring agent and bookrunner
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: U.S. named storm, U.S. and Canada earthquake, European windstorm
  • Size: $300m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: May 2018

Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) - Full details

This is French reinsurance firm SCOR's first catastrophe bond since 2016 and the reinsurer is making use of the recently enacted UK ILS regulatory and tax regime for the transaction, a move away from Ireland where its previous special purpose issuers have been based.

This transaction from SCOR is the first full catastrophe bond issuance to be domiciled in the UK, as the only other use of the ILS regulatory framework by Neon is really a sidecar, or collateralized quota share reinsurance arrangement.

SCOR has registered a new UK company for its first cat bond issuance there, registering Atlas Capital UK 2018 PLC as an insurance special purpose vehicle to be the transformer for and issuer of a single tranche of Series 2018 ISPV 1 notes.

With the Atlas Capital UK 2018 catastrophe bond SCOR is targeting at least $300 million of multi-peril retrocessional reinsurance protection across a four-year term, to protect the reinsurer against the impacts of U.S. named storm, U.S. and Canada earthquake and European windstorm risks.

The coverage is effected through SCOR Global P&C SE as the ceding company, but applies across SCOR’s portfolio companies.

The $300 million of Series 2018 ISPV 1 notes issued by Atlas Capital UK 2018 will provide SCOR with retro reinsurance coverage on an annual aggregate basis, using regionally weighted industry loss triggers that take into account a deductible per-event for each of the covered perils.

The $300 million single tranche of Series 2018 ISPV 1 notes to be issued by Atlas Capital UK 2018 will have an initial attachment probability of 3.98%, an initial expected loss of 3.24% and are being offered to ILS investors with spread guidance in a range from 6% to 6.5%.

Update 1:

We're told that coupon price guidance for the still $300 million of Series 2018 ISPV 1 notes to be issued by Atlas Capital UK 2018 has now been lowered to the bottom of the initial range at 6%.




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