Scor
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Scor said it was eager to start marketing the transaction again within the next month when market conditions improve. -
The company’s previous two Atlas deals were completed using the UK’s new ILS regime.
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The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The carrier’s overall reinsurance premiums dropped by 4.7 percent as renewal rates were up 2.8 percent.
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The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
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The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
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All the reinsurers want to grow and some leaders continue to pursue growth very aggressively, according to the Scor boss.
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The combined $2.1bn offering will now look to develop common products and funds, according to the Coriolis CEO.
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The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.
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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
