Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

SCOR marketing new Atlas VI Capital Ltd. 2011 catastrophe bond


Regular catastrophe bond sponsor, French reinsurer SCOR, are in the early stages of marketing the latest cat bond in their Atlas VI Capital Ltd. series of transactions. This will be their third cat bond through their Dublin, Ireland domiciled Atlas VI Capital SPV and their eighth cat bond in the Atlas series of deals (details of every SCOR cat bond can be found in our Deal Directory).

This 2011 cat bond issuance by Atlas VI Capital is expected to provide SCOR with $100m of U.S. hurricane and U.S. earthquake cover and also €75m of European windstorm cover over a three-year period, making the deals value approximately $200m at this stage. All the risks will be modelled and triggered on an industry loss basis. We believe that three tranches are being issued and sources tell us that the way the deal is structured is akin to someone issuing two cat bond series at the same time.

Details are scarce at the moment for this Atlas VI Capital Ltd. Series 2011 cat bond, we expect to have more details in the near future and will update you if new deal features come to light.

Once this deal comes to market SCOR will have issued over $1.3 billion worth of catastrophe bonds through their Atlas deals. For the market as a whole, this deal will take the 2011 total to around $4.1 billion according to issuance data in our Deal Directory (which does contain a few private deals).

This Atlas VI Capital 2011 cat bond has been added to our Deal Directory

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