SCOR Secures $75 Million in Protection Against Natural Disasters
On Thursday, SCOR sponsored a new catastrophe bond (cat bond) titled Atlas Capital DAC Series 2026-1, providing it with a multi-year risk transfer capacity of $75 million. The instrument covers named storms in the United States and the Caribbean, earthquakes in the United States and Canada, as well as windstorms in Europe.
The Atlas Capital DAC Series 2026-1 catastrophe bond is part of SCOR's retrocession strategy. The risk coverage period spans from June 1, 2026, to May 31, 2029, providing three years of protection against major natural disasters.
The issuance received approval from Irish regulatory authorities. GC Securities acted as the sole structurer and bookrunner for the transaction. Willkie Farr and Walkers law firms advised SCOR as legal counsel.
Pricing Conditions and Structure of the Issue
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The cat bond was priced on May 20, 2026, with an interest rate spread of 6.00% and issued on May 27, 2026. The instrument was well-received by investors, supported by healthy demand.
Atlas Capital DAC Series 2026-1 is a catastrophe bond structured with an aggregate index trigger, issued by Atlas Capital DAC, a special-purpose vehicle approved in Ireland under Solvency II standards. This vehicle, active since 2023, can be used by the group to issue cat bonds covering various risks in life and property insurance.
A Proven Financing Mechanism for the Group
This issuance marks the fourth use of Atlas Capital DAC to raise protection through the insurance capital markets. The reuse of the vehicle allows the group to benefit from efficiency gains and an accelerated issuance process.
It aligns with the group's catastrophe exposure and retrocession strategy outlined in the Forward 2026 plan. This plan identifies risk partnerships, including capital market solutions such as cat bonds, as one of the levers for value creation for SCOR.
« SCOR a enregistré une performance solide dans ses trois lignes de métier au cours de ce trimestre. En P&C, les revenus progressent et la rentabilité reste élevée, avec un ratio combiné bien inférieur à l'objectif de 87 % malgré un trimestre actif sur les catastrophes naturelles. » ; « Fort d'un ratio de solvabilité à 221 %, SCOR aborde la dernière étape de Forward 2026 avec un bilan renforcé »
Risks mentioned
Revenus d'assurance en baisse de 3,4 % sur 9 mois reflétant contraction L&H
Résultat net ajusté en baisse de 2,6 % vs 9M 2025 malgré hausse RoE
Rendement annualisé des capitaux propres en baisse à 18,9 % vs 19,9 % en 9M 2025
Opportunities identified
RoE annualisé de 18,9 % (19,3 % ajusté) sur 9 mois 2026 maintenu à bon niveau
Valeur Économique en croissance de 11,9 % à hypothèses économiques constantes
Ratio de solvabilité à 221 % bien au-dessus des seuils normatifs, permettant flexibilité
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
