The winners of the annual Environmental Finance awards, which recognise the best transactions and leading individuals in environmental markets, have been announced.
In the category of best Catastrophe Risk Deal; Scor has come in tops with it’s Atlas V catastrophe bond deal. It was the first deal post-Lehmans collapse and the award essentially recognises that Scor reopened the cat bond market at a time when many thought it had closed for good. In particular the way Scor managed the counterparty risk with a much enhanced total return swap structure and the promised transparency in the development of the assets over time. Also praised was Scor’s use of U.S. government backed debt obligations as the underlying asset and a top-up margining facility ensuring that the value of those assets can be kept above a minimum level. Well done to Scor, although we do think that on the innovation front some of the deals that have followed on from Atlas V this year are equally as ground breaking in structure.
The award for Weather Risk Deal of the Year was awarded to Origin Energy for their wind farm power hedge which was structured by Marsh.