SCOR has added $75 million in catastrophe bond protection to its retrocession program, giving the reinsurer cover for major storm, earthquake, and windstorm risks through 2029.
The new bond, Atlas Capital DAC Series 2026-1, provides risk transfer capacity for named storms affecting the US and the Caribbean, earthquakes in the US and Canada, and windstorms in Europe. The risk period begins on June 1, 2026, and ends on May 31, 2029.
The transaction was issued on May 27 after being priced on May 20 at an interest spread of 6.00%. It also received approval from Irish regulatory authorities.
The issuance was made through Atlas Capital DAC, the Ireland-based special purpose vehicle SCOR has used for catastrophe bond transactions since 2023. This is the fourth issuance made through the vehicle, which is approved under Solvency II and can be used for arrangements covering life and health, as well as property and casualty, risks.
The latest series uses an aggregate, index-based trigger structure. SCOR said the vehicle helped make the issuance process faster and more cost-efficient.
The bond offering also included ESG-related considerations for investor due diligence. GC Securities served as sole structuring agent and sole bookrunner, while Willkie Farr and Walkers acted as SCOR’s legal counsel.
SCOR said the size of the deal reflects its catastrophe exposures and its retrocession approach under the Forward 2026 strategic plan. The plan includes risk partnerships, including capital markets tools such as cat bonds, as part of the group’s strategy.
“SCOR is pleased to sponsor a new cat bond this year, securing multi-year protection against peak natural perils from the ILS market at favorable pricing conditions. SCOR is a longstanding sponsor of cat bonds, and we are delighted by the continued investor support, as cat bonds are an integral part of our risk partnerships strategy under the Forward 2026 plan. We are also very pleased with the efficiency gains made by reusing Atlas Capital DAC for a fourth year,” said Philipp Rüede, group chief financial officer of SCOR.
