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Member, Beacon International Group, Ltd.
Scor S.E. announced Monday that it has secured $60 million in coverage for U.S. earthquake and hurricane exposures and €130 million ($166.9 million) in coverage for European windstorms through a new catastrophe bond issue.
The Ireland-domiciled Atlas Reinsurance VII reinsurance vehicle will provide the coverage from Jan. 1, 2013, through December 2015. Aon Benfield Securities Inc., Natixis and BNP Paribas S.A. managed the transaction and ran the books on the deal.
Standard & Poor’s Corp. rated the Class A U.S. hurricane and earthquake portion of the transaction BB- and the Class B European windstorm portion BB.
Loss payments on the Class A notes are based on market share factors applied to the market-insured loss as reported by Property Claim Services for the U.S. on an annual aggregate basis, while Class B note losses will be covered on a per-occurrence basis using the Perils A.G. index.
Munich Reinsurance Co. has secured $75 million in coverage for U.S. hurricane and European windstorm exposures through a catastrophe bond issue.