The acquisition of insurance- linked securities (ILS) asset manager Coriolis Capital Limited has been completed by SCOR Investment Partners, the investment arm of reinsurance giant SCOR.
The reinsurers investment unit agreed to acquire 100% of the capital of Coriolis Capital, which was one of the first ever investment managers in the ILS sector, back in May.
Coriolis Capital was an early entrant to the ILS asset management space, allocating its investors capital to, and constructing portfolios of, catastrophe bonds, collateralized reinsurance and climate or weather derivatives.
With the deal now complete, Coriolis Capital is set to become a wholly owned subsidiary of SCOR Investment Partners.
SCOR Investment Partners said it has now obtained all the necessary approvals from regulators, most notably the Financial Conduct Authority (FCA) in the United Kingdom.
The reinsurance firm said the deal will help “SCOR to accelerate its development in the field of ILS, as outlined in its strategic plan “Quantum Leap”.”
Coriolis Capital is based in London and at the last count for our ILS fund managers directory had around $800 million of ILS and reinsurance linked assets under management.
SCOR recently revealed that it has big plans for ILS within its business, aiming to place it at the heart of the “reinsurance company of tomorrow” it plans to create.
Coriolis Capital is set to play an important role in the reinsurers strategic plans.