Scor places $55.5 million three-year sidecar

Paris-based reinsurer Scor S.E. has placed a fully collateralized sidecar to provide it with an additional three-year capacity of $55.5 million, the company announced Monday.

Scor said the Ireland-domiciled special purpose vehicle, Atlas X Reinsurance Ltd., which is backed by a new panel of investors, would provide Scor's global property/casualty unit with retrocessional reinsurance coverage for a proportional share of its property/catastrophe portfolio, via a quota-share agreement.

The deal became effective Jan. 1.

“Whilst we are no stranger to the collateralized reinsurance market, this is the first time we have arranged a cat-specific protection via a quota-share sidecar solution,” said Victor Peignet, CEO of Scor Global P&C, in a statement.

“It marks an important step in adding new long-term partners to our reservoir of cat capacity,” he added.