French reinsurer SCOR has completed its latest catastrophe bond, securing approximately $228m of multi-year retrocessional reinsurance cover for itself on a fully collateralised basis. Atlas Reinsurance VII Limited saw SCOR offload certain U.S. hurricane, U.S. earthquake and European windstorm risks to capital market investors on both aggregate and per-occurrence basis’ using industry loss index triggers.
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Yet again a catastrophe bond has increased in size during marketing and the expected pricing on the transaction has dropped to, and below, the originally marketed range. This has been a trend in the cat bond market this year, with cat bonds regularly increasing in size and investors accepting lower coupon payments than a deal […]
Regular catastrophe bond sponsor, French reinsurer SCOR, are returning to the cat bond market for another Atlas issuance. The latest Atlas cat bond see’s them revert back to the original naming convention that they began their ILS market ventures with, using an issuing entity named Atlas Reinsurance VII Limited. The ninth cat bond transaction in […]
Scor have officially announce the closure of it’s Atlas Reinsurance V catastrophe bond today. This is the news the market has been waiting to hear, the successful resumption of the cat bond market after a period of uncertainty and zero issuance due to the economic climate and failure of Lehmans. It’s the first cat bond […]
Scor’s catastrophe bond Atlas Reinsurance V has been delayed slightly. Originally expected to close out on the 5th of February, it’s now expected that pricing will be firmed up this week and the bond will next week. You can find more details on the Atlas Re V deal in our Deal Directory.
French reinsurance company SCOR said that the $300 million size of its recently completed Atlas IX Capital DAC (Series 2016-1) catastrophe bond, which replaced a $60 million tranche of a matured cat bond, reflects the firms increased presence in the U.S. catastrophe risk market.
Trading of catastrophe bonds in the secondary market was a little slower last week, with just four bond trades recorded by FINRA’s TRACE system. However the focus remains on higher coupon cat bonds, as some investors snap up any that are offered in the market.
Once again, the last week has seen an increasing focus on higher yielding catastrophe bond notes in the secondary trading market, as investors seek to maximise their returns with any opportunities to buy notes that yield above the average of recent new issuance.
Once again, every catastrophe bond trade recorded by FINRA’s TRACE system in the last week is at a lower price level than the cat bond’s previous trade. Fewer of the short-dated cat bonds traded, with more of a focus on higher-yield 2016 maturing bonds.
Credit rating agency Standard & Poor’s (S&P) has affirmed the ratings on five tranches of catastrophe bond notes from four issuers, after the cat bonds went through their annual resets of attachment probabilities without any major changes.