SCOR targets lower pricing for $75m Atlas Capital 2026-1 multi-peril retro cat bond

SCOR, the France-headquartered global reinsurance company, is now targeting lower pricing for its latest catastrophe bond sponsorship, with the price guidance reduced for the $75 million of multi-peril fully-collateralized retrocession it seeks from the Atlas Capital DAC (Series 2026-1) issuance, Artemis can report.

SCOR returned to the catastrophe bond market earlier this month, initially targeting $75 million of fully-collateralized catastrophe retrocession through sponsorship of its twenty-first cat bond.

We understand that the size target remains unchanged at this time, but the reinsurance company is looking to capitalise on the strong execution seen in the catastrophe bond market to secure the protection at reduced pricing.

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.

This latest Atlas Capital DAC Series 2026-1 catastrophe bond will be the twentieth from SCOR that takes the Atlas name and the twenty-first cat bond in total from the company that we have tracked since the year 2000, including its Horizon securitization of credit liabilities back in 2001.

Atlas Capital DAC continues to offer a $75 million single tranche of Series 2026-1 Class A catastrophe bonds notes that will 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 cat bond will be 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.

The still $75 million tranche of Atlas Capital DAC Series 2026-1 cat bond notes come with an initial base expected loss of 3.13%.

At first the notes were offered to cat bond funds and investors with price guidance in a range from 6% to 6.5%, but we’re now told the updated guidance is for a risk interest spread of between 5.5% and 6%, as SCOR looks to secure the retro protection at better than anticipated pricing.

For comparison, last year’s $200 million Atlas Capital 2025-1 cat bond notes had an initial expected loss of 3.29% and priced to pay investors a spread of 7.25%, so the latest guidance for the 2026-1 notes indicates strong execution is likely with this new cat bond for SCOR.

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.