France-headquartered global reinsurance company SCOR is back in the catastrophe bond market seeking $200 million or more in fully-collateralized retrocession from an issuance, Artemis has learned.This new Atlas Capital DAC Series 2015-1 catastrophe bond will be the nineteenth from SCOR to use the Atlas name and the twentieth cat bond from the company since the year 2000, including its Horizon securitization of credit liabilities back in 2001.SCOR has been sponsoring catastrophe bonds since the year 2000 and .This year, SCOR is seeking $200 million of capital markets backed multi-peril and international retrocessional protection from this Atlas Capital DAC 2025-1 cat bond.

In 2025, the focus for SCOR’s retro cat bond issuance has broadened a little, with coverage sought across the US, Caribbean, Canada and Europe, compared to .The reinsurer has a $240 million cat bond that is scheduled to mature this June and covered U.S.named storm, U.S.

& Canada earthquake, European windstorm, so this appears set to replace some of that coverage while also adding Caribbean named storm cover to the protection, we understand.For this Atlas Capital 2025 cat bond, SCOR is again using its Ireland-based designated activity company named Atlas Capital DAC, which it used for the last two issues as well.Atlas Capital DAC is set to offer investors a $200 million single tranche of Series 2025-1 Class A catastrophe bonds notes that will be sold and the proceeds used to collateralize a retrocessional reinsurance agreement between the vehicle and SCOR SE, Artemis has learned from sources.

This Atlas Capital DAC 2025-1 catastrophe bond will benefit SCOR by providing the reinsurance company a roughly three-year source of annual aggregate, weighted industry loss trigger based retro reinsurance protection, running through to the end of May 2028.The covered perils and regions for this cat bond will be named storms in the U.S.and Caribbean (inc.

DC, Puerto Rico & Virgin Islands), as well as earthquakes in the U.S.(inc.DC, Puerto Rico & Virgin Islands) and Canada, and windstorms in Europe, sources said.

We understand that PCS will be the industry-loss index reporting agent for named storm and earthquake risks, while PERILS will report on European windstorm loss events.There are different index value attachment points for North America and Europe, while event deductibles are also to be enforced for all perils in order for a loss event to qualify and aggregate towards the attachment points over the annual risk periods.The single currently $200 million tranche of Series 2025-1 cat bond notes that Atlas Capital DAC will issue come with an initial attachment probability of 4.08%, an initial base expected loss of 3.29% and are being offered to cat bond funds and investors with price guidance in a range from 7.5% to 8%, we are told.

For comparison, last year’s Atlas Capital 2024 cat bond that only covered North American wind and quake had an initial expected loss of 3.87% and priced at 12.5%, while the Atlas Capital 2023 cat bond that also covered European windstorms had an initial expected loss of 2.1% and priced to pay investors a spread of 7.25%.So, comparably, the multiple-at-market on offer with this Atlas Capital 2025 cat bond looks lower than SCOR’s other recent issuances.You can read all about this catastrophe bond from SCOR and every other cat bond transaction in the Artemis Deal Directory..

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