SCOR has successfully sponsored a new catastrophe bond (“cat bond”), Atlas Capital DAC Series 2024-1, which will provide the Group with multi-year risk transfer capacity of USD 175 million to protect itself against named storms in the US and earthquakes in the US and Canada. The risk period for Atlas Capital DAC Series 2024-1 will run from 1 June 2024 to 31 May 2027. The transaction has received the approval of the Irish regulatory authorities. The cat bond offering integrates ESG related considerations to support investors' due diligence.

The cat bond was priced on 24 May 2024 and issued on 30 May 2024. Atlas Capital DAC Series 2024-1 was well received and benefited from high investor demand. GC Securities  acted as Sole Structuring Agent and Sole Bookrunner for the deal. Willkie Farr and Walkers advised SCOR as legal counsels.

Atlas Capital DAC Series 2024-1 is an aggregate, index-based trigger cat bond issued by Atlas Capital DAC, a multi-arrangement special purpose vehicle approved in Ireland under Solvency II. This vehicle was created in 2023 for the Series 2023-1 cat bond issuance, and it 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 visible this year, as it allowed for a faster and more cost-effective issuance process.

The size of the Series 2024-1 issuance 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.

François de Varenne, Group CFO and Deputy CEO of SCOR, comments: “SCOR is pleased to sponsor a new cat bond this year, securing multi-year protection against peak natural perils from the ILS market. We are delighted by the strong investor demand, as cat bonds remain an integral part of SCOR’s capital protection under the Forward 2026 strategic plan. We are also very pleased with the efficiency gains made by reusing Atlas Capital DAC for a second year.”