Atlas Capital UK 2018 PLC

For French reinsurance firm SCOR being the first company to sponsor a catastrophe bond using the new UK insurance-linked securities (ILS) regulatory regime was “not an easy process,” according to Victor Peignet.

The issuance of the first catastrophe bond transaction to be arranged using the new UK Risk Transformation Regulations 2017, the $300 million Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) transaction, received “strong investor support” but execution was only “relatively smooth”, according to sole structuring agent and bookrunner GC Securities.

French reinsurance company SCOR said that the recent completion of its $300 million Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) catastrophe bond, which is the first UK domiciled cat bond transaction under new legislation, is aligned with its strategic goals and demonstrates the reinsurers “capacity to innovate.”

The price guidance has been lowered for French reinsurance firm SCOR’s latest catastrophe bond the $300 million Atlas Capital UK 2018 PLC (Series 2018 ISPV 1), as demand from ILS investors looks set to result in another transaction pricing at the low-end of initial guidance for this first cat bond under the new UK regulatory […]

French headquartered global reinsurance firm SCOR has returned to the capital market for its first catastrophe bond in over two years and has switched its preferred ILS domicile to the UK, leveraging the new regulatory regime there to sponsor a $300 million Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) transaction.