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.