SCOR delighted with cat bond investor support, efficiency gains of reusable structure: Rüede

French global reinsurance company SCOR has highlighted its pleasure with the investor support received for its recently priced $75 million Atlas Capital DAC (Series 2026-1) catastrophe bond and the fact the issuance structure has now been reused for a fourth issuance, delivering efficiency gains.

As we’d been reporting, SCOR returned to the catastrophe bond market earlier this month, with an initial target to secure $75 million of fully-collateralized catastrophe retrocession through sponsorship of what now becomes its twenty-first cat bond.

The reinsurer successfully secured the targeted coverage at attractive pricing, with the notes finalised to pay a spread at the low-end of initial guidance.

This morning, SCOR’s Group Chief Financial Officer Philipp Rüede commented, “SCOR is pleased to sponsor a new cat bond this year, securing multi-year protection against peak natural perils from the ILS market at favorable pricing conditions.

“SCOR is a longstanding sponsor of cat bonds, and we are delighted by the continued investor support, as cat bonds are an integral part of our risk partnerships strategy under the Forward 2026 plan.”

Rüede also highlighted the fact the issuance vehicle has now been utilised for a fourth year in a row, saying, “We are also very pleased with the efficiency gains made by reusing Atlas Capital DAC for a fourth year.”

SCOR has been sponsoring catastrophe bonds to access the capital for retrocession purposes since the year 2000 and you can read about all of them by filtering our Deal Directory by sponsor.

Atlas Capital DAC has now issued its $75 million single tranche of Series 2026-1 Class A catastrophe bonds notes to investors, with the funds raised now collateralizing a reinsurance agreement to provide SCOR with a roughly three-year source of annual aggregate, weighted industry loss trigger based retro reinsurance protection, running to maturity in early June 2029.

The covered perils and regions for this latest cat bond for SCOR are named storms in the U.S. and Caribbean (inc. DC, Puerto Rico & Virgin Islands), as well as earthquakes in the U.S. (inc. DC, Puerto Rico & Virgin Islands) and Canada, and windstorms in Europe.

SCOR also highlighted that, “The cat bond offering integrates ESG-related considerations to support investors’ due diligence.”

The company said the cat bond was “well received” and “supported by healthy investor demand,” noting the assistance of GC Securities as Sole Structuring Agent and Sole Bookrunner for the deal, while Willkie Farr and Walkers advised SCOR as its legal counsels.

On the reusability of the Irish strustrue Atlas Capital DAC, SCOR explained, “This vehicle has been active since 2023 and may be utilized by the Group to sponsor cat bonds covering various perils in both L&H and P&C. The benefits of this vehicle were again visible this year for its fourth issuance, as it allowed for a fast and cost-effective issuance process.”

SCOR further noted that the size of this latest Atlas catastrophe bond is, “in line with the Group’s cat exposures and with its retrocession strategy under the Forward 2026 strategic plan, which identifies risk partnerships – including capital market solutions like cat bonds – as one of the Group’s levers for value creation.”

You can read all about this Atlas Capital DAC (Series 2026-1) catastrophe bond from SCOR and every other cat bond transaction in the Artemis Deal Directory.