Swiss Re Insurance-Linked Fund Management

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Atlas Reinsurance plc

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Atlas Reinsurance plc – At a glance:

  • Issuer: Atlas Reinsurance plc
  • Cedent / sponsor: SCOR
  • Placement / structuring agent/s: Goldman Sachs was lead manager & bookrunner. Marsh & McLennan Securities acted as co-manager.
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: European windstorm. California or Japan earthquake
  • Size: $200m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A - 'BBB+', Class B - 'BBB-', Class C - 'B-'
  • Date of issue: Mar 2000

Atlas Reinsurance plc – Full details:

The Atlas Re cat bond deal, placed through a special purpose vehicle incorporated in Ireland, protects Scor’s property and construction portfolio over a period of three years from certain insured windstorm losses in seven European countries and for certain insured losses due to earthquake and fire following a quake in Japan or the state of California U.S.

This retrocessional deal provides multi-year protection on an indemnity basis, linked only to actual losses suffered by Scor and without reference to any external index.

The floating-rate notes are structured in three tranches: $70m of Class A notes rated BBB+, $30m of Class B notes rated BBB– and $100m of Class C notes rated B-. All ratings from Standard & Poor’s.

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