Scor: placement of a new catastrophe bond
(CercleFinance.com) - Scor has announced the successful placement of a new "cat bond" providing a 200 million dollar multi-year hedging against hurricane risk in the US and earthquakes in the US and Canada.
The risk period covered by this bond, called "Atlas Capital Reinsurance 2020 DAC," runs from 30 April 2020 to 31 May 2024. This issue has been approved by the Central Bank of Ireland (CBI) and the Irish regulatory authorities.
The price of the catastrophe bond was set on 22 April and its placement was closed on 29 April. Atlas Capital Reinsurance 2020 DAC is the very first index triggered catastrophe bond approved in Ireland under the Solvency II regime.
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