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For French reinsurance firm SCOR being the first company to sponsor a catastrophe bond using the new UK insurance-linked securities (ILS) regulatory regime was “not an easy process,” according to Victor Peignet.

The ability of ILS markets to pay out and raise fresh capital in the aftermath of 2017’s major catastrophe losses was not a full test, according to Victor Peignet, CEO of Scor Global P&C.

SCOR, the French global reinsurance giant, has reorganised its SCOR Global P&C division and added a new unit named P&C Partners which will have a remit including third-party capital and retrocession activities, as well as alternative solutions, InsurTech investing and other partnerships.

The issuance of the first catastrophe bond transaction to be arranged using the new UK Risk Transformation Regulations 2017, the $300 million Atlas Capital UK 2018 PLC (Series 2018 ISPV 1) transaction, received “strong investor support” but execution was only “relatively smooth”, according to sole structuring agent and bookrunner GC Securities.

French reinsurance firm SCOR felt the benefit of its retrocession program in 2017, recording net positives to its balance-sheet as it shielded the reinsurer from higher impacts from losses, but SCOR’s insurance-linked securities (ILS) coverage was untouched, as its Atlas cat bond escaped from the 2017 catastrophes.

Despite the significant catastrophe losses facing the reinsurance industry, French reinsurer SCOR has reported a profit for the first none months of 2017, as support from its retrocession providers helped the firm to better manage its losses.

Reinsurance company SCOR has announced that it expects its net losses from recent catastrophes will total EUR 430 million, after tax and retrocession, and that it sees the chances of its contingent capital facility being triggered as “extremely remote.”

The development of the insurance-linked securities (ILS) market has helped to enlarge global reinsurance capacity, according to SCOR one of the world’s largest traditional reinsurers, and the firm says alternative capital is a complement to reinsurance, not a substitute for it.

French reinsurance company SCOR, a top-four global player in property, casualty and life reinsurance, has reported growth in its premiums written, along with portfolio optimisation to avoid the worst of the soft reinsurance market in its January renewal update.

French reinsurance company SCOR continued its selective approach to property catastrophe underwriting during the second-quarter of the year, restructuring or cancelling 15% of the SCOR Global P&C book as it maintained its disciplined approach.