French global reinsurance company SCOR has now successfully upsized its latest catastrophe bond by 40% to secure $175 million of retrocession from the Atlas Capital DAC (Series 2024-1) deal, while the pricing settled just above initial guidance, showing the risk adjustments made appear to have had the desired effect.
SCOR ventured back to the catastrophe bond market a fortnight ago aiming to secure $125 million or more in North America focused wind and quake industry-loss based retrocessional reinsurance coverage with this new catastrophe bond.
The issuance looks set to partially replace a soon to mature 2020 Atlas cat bond issuance, which was $200 million in size and covered the same North American perils for SCOR.
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