Property, casualty and life reinsurer, SCOR, has successfully placed a new catastrophe bond.
Atlas Reinsurance VII Limited is an Irish reinsurance vehicle that will provide the group with protection of $60 million against US hurricanes and earthquakes and €130 million against European windstorms. The risk period extends from 1st January 2013 to 31st December 2015.
Aon Benfield Securities, Natixis and BNP Paribas managed the transaction and the book on the deal.
SCOR has completed thirteen similar capital markets transactions to date, including two mortality swaps providing additional protection against major pandemics, natural catastrophes and terrorist attacks.