SCOR successfully sponsors a new catastrophe bond, Atlas IX Series 2015-1
(Thomson Reuters ONE) -
Press Release
05 February 2015 - N°2
SCOR successfully sponsors a new catastrophe bond,
Atlas IX Series 2015-1
As part of its policy of diversifying Contact details
its capital protection tools, SCOR
has successfully sponsored a new Marie-Laurence Bouchon
catastrophe bond ("cat bond"), Atlas Group Head of Communications
IX Series 2015-1, which will provide +33 (0)1 58 44 76 10
the Group with multi-year risk mbouchon(at)scor.com
transfer capacity of USD 150 million
for US Named Storm and US and Canada
Earthquake events. This transaction Bertrand Bougon
replaces the US tranches of Atlas VI Head of Investor Relations
Series 2011-1, which matured on 8 & Rating Agencies
January 2015. The risk period for +33 (0)1 58 44 71 68
Atlas IX 2015-1 will run from 11 bbougon(at)scor.com
February 2015 to 31 December 2018.
www.scor.com
The issuer of the cat bond, Atlas IX
Capital Limited, is an Irish private Twitter: (at)SCOR_SE
limited company, incorporated on 2
August 2013. In connection with the
placement of the cat bond, SCOR
Global P&C will enter into a risk
transfer contract with the issuer.
SCOR's risk transfer protection from
Atlas IX will be fully collateralized
with securities issued by the
European Bank for Reconstruction and
Development.
The loss payments covered by this cat
bond are based on market share
factors applied to market insured
losses, as reported by PCS, on an
annual aggregate basis.
The cat bond was priced on 5 February
and is expected to close on 10
February 2015. Aon Benfield
Securities Inc. acted as Sole
Structuring Agent and Sole Bookrunner
for the deal. The first issuance from
the Atlas IX vehicle, Series 2013-1,
protects SCOR's extreme mortality
exposures in the US.
The protection of its capital
constitutes a strategic axis for SCOR
and capital market solutions have
been regularly used for it, with
fifteen transactions completed to
date including CAT Bonds, Mortality
Bonds and Contingent Capital.
Victor Peignet, CEO of SCOR Global
P&C, comments: "The successful
placement of this new cat bond,
building upon a series of capital
market transactions, is fully in line
with SCOR's strategic initiative to
optimize its retrocession structure
to accompany the Group's cat capacity
growth. With a protection for US
Named Storm and US and Canada
Earthquake events on an aggregate
basis, this transaction enables SCOR
to complement its retrocession
programme, minimising counterparty
credit exposure and diversifying
counterparty risk. "
*
* *
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based
on certain assumptions and include any statement which does not directly
relate to a historical fact or current fact. Forward-looking statements are
typically identified by words or phrases such as, without limitation,
"anticipate", "assume", "believe", "continue", "estimate", "expect",
"foresee", "intend", "may increase" and "may fluctuate" and similar
expressions or by future or conditional verbs such as, without limitations,
"will", "should", "would" and "could." Undue reliance should not be placed on
such statements, because, by their nature, they are subject to known and
unknown risks, uncertainties and other factors, which may cause actual
results, on the one hand, to differ from any results expressed or implied by
the present communication, on the other hand.
Please refer to SCOR's Document de référence filed with the AMF on 05 March
2014 under number D. 14-0117 (the "Document de référence"), for a description
of certain important factors, risks and uncertainties that may affect the
business of the SCOR Group. As a result of the extreme and unprecedented
volatility and disruption of the current global financial crisis, SCOR is
exposed to significant financial, capital market and other risks, including
movements in interest rates, credit spreads, equity prices, and currency
movements, changes in rating agency policies or practices, and the lowering or
loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting".
SCOR Press Release:
http://hugin.info/143549/R/1892125/670241.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Scor via GlobeNewswire
[HUG#1892125]
Unternehmensinformation / Kurzprofil:
Datum: 05.02.2015 - 17:51 Uhr
Sprache: Deutsch
News-ID 369585
Anzahl Zeichen: 6644
contact information:
Town:
Paris
Kategorie:
Business News
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