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SCOR Issues First Cat Bond under New UK Regime

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June 08, 2018

SCOR is the first reinsurer to use the United Kingdom's new insurance-linked securities (ILS) regime to issue a new catastrophe bond (cat bond) after the transaction received approval from the Prudential Regulation Authority and UK regulatory authorities.

The cat bond, Atlas Capital UK 2018 PLC, will provide SCOR with a multiyear risk transfer capacity of $300 million to protect itself against named storms in the United States, earthquakes in the United States and Canada, and windstorms in Europe. The risk period for Atlas Capital UK 2018 will run from June 1, 2018, to May 31, 2022.

The protection of capital is a strategic axis for SCOR. The group has regularly used capital market solutions for this purpose, having completed 15 transactions since 1999, including cat bonds, sidecars, mortality bonds, and innovative contingent capital protections.

Victor Peignet, CEO of SCOR Global P&C, said, "This new cat bond offers SCOR additional multi-year collateralized protection, including for European Windstorm, which is in line with the growth of our portfolio as anticipated in 'Vision in Action.' Being the first company to sponsor a cat bond on the London market shows SCOR's confidence in the UK's ILS regime and our commitment to the cat bond market, as well as our capacity to innovate. I would like to sincerely thank the PRA (Prudential Regulation Authority) and the UK regulatory authorities for their assistance and responsiveness throughout this process."

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