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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 event has caused widespread damage in Bangkok, Thailand.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The notes replace a 2021 issuance that matured in January this year.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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The insurer has lined up Piper Sandler and KBW to run the process.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The acquisition expands its global employee benefits business to ~4,000 global employees.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
