SCOR has completed the issuance of a new catastrophe bond, Atlas Capital DAC Series 2025-1, securing US$240 million in multi-year risk transfer coverage.
The bond provides protection against named storms in the US and the Caribbean, earthquakes in the US and Canada, and European windstorms. Coverage under the transaction will extend from June 1, 2025, through May 31, 2028.
The transaction received regulatory approval in Ireland and incorporates ESG-related factors for investor due diligence. The cat bond was priced on April 3, 2025, with an interest spread of 7.25%, and issued on April 9, 2025.
Atlas Capital DAC Series 2025-1 is structured as an aggregate, index-based trigger bond through Atlas Capital DAC, a special purpose vehicle established in 2023 under Solvency II.
The vehicle was previously used for the Series 2023-1 issuance, and SCOR notes that it may be used for future transactions involving life and health as well as property and casualty risks.
GC Securities served as sole structuring agent and sole bookrunner for the deal. Legal counsel was provided by Willkie Farr and Walkers.
The issuance aligns with SCOR’s retrocession strategy and overall risk management framework under its Forward 2026 strategic plan. The transaction also supports the company’s use of capital markets for risk transfer solutions.
François de Varenne (pictured above), SCOR’s group CFO and deputy CEO, said the cat bond provides multi-year protection against peak natural catastrophe exposures.
The global re/insurer’s last cat bond issuance was in May 2024, when it issued the Atlas Capital DAC Series 2024-1 catastrophe bond, securing US$175 million in retrocession coverage.
This bond offers protection against named storms and earthquakes in the US, as well as earthquakes in Canada, with a risk period from June 1, 2024, to May 31, 2027. The issuance was upsized by 40% from its initial target, reflecting strong investor demand.
A previous version of the bond was issued in May 2023, with SCOR obtaining US$75 million in multi-year risk transfer capacity. This bond provides coverage against named storms in the US, earthquakes in the US and Canada, and European windstorms, with a risk period from June 1, 2023, to May 31, 2026.
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