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.
Three-Year Protection Against Natural Perils
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
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.
