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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond. -
The carrier has received 12,300 claims as of 28 March.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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The notes replace a 2021 issuance that matured in January this year.
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The acquisition expands its global employee benefits business to ~4,000 global employees.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
