Global reinsurer SCOR SE has completed the placement of €500 million in fixed-to-floating-rate subordinated notes due June 5, 2056, with institutional investors, the company said in a press release.
The notes, which are eligible as Tier 2 regulatory capital under Solvency II regulations, drew strong investor demand, according to the company.
The notes will carry an initial fixed interest rate of 4.510% per annum, payable annually until June 5, 2036. After that date, the interest rate will shift to a variable rate based on the 3-month EURIBOR plus a margin, payable quarterly beginning Sept. 5, 2036. Under Solvency II requirements, interest payments may be deferred under certain circumstances.
Moody’s France SAS assigned the notes an “A3” rating.
SCOR said the net proceeds will be used for general corporate purposes, including financing a concurrent tender offer for two existing subordinated note series – a €250 million series due June 5, 2047, and a €500 million series due May 27, 2048.
Settlement is expected on June 5, 2026. The company said it plans to seek admission of the notes for trading on the regulated market of the Luxembourg Stock Exchange.
The placement comes during a period of active capital management for the reinsurer. Early this month, SCOR sponsored a new catastrophe bond issuance through Atlas Capital DAC Series 2026-1, initially targeting $75 million in multi-peril collateralized retrocession coverage across the US, Caribbean, Canada, and Europe. The company has $490 million in outstanding catastrophe bond protection and has been sponsoring catastrophe bonds for retrocession purposes since 2000.
SCOR reported gross insurance revenue of €15.4 billion in 2025 and operates in more than 150 countries through more than 35 offices worldwide.
For the first quarter of 2026, SCOR reported €220 million in adjusted group net income, resulting in a return on equity of 21.15%, both figures higher than a year ago. Its property and casualty combined ratio came in at 80.2%, with a benign catastrophe loss environment cited as a key driver.
