Scor
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The final pricing on the bond settled at 17% below the mid-point of initial guidance. -
Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
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The uplift was helped by the Atropos Catbond fund surpassing $1bn.
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Scor’s P&C reinsurance business is expecting insurance revenue growth of up to 2% in 2023.
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The rating downgrades reflect the deterioration in Scor’s operating performance.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
