Reinsurer Scor expands cat bond, extends cover through 2019

Scor S.E. on Wednesday said it has expanded its Atlas catastrophe bond for 2016.

Atlas IX Series 2016-1 will provide the Paris-based reinsurer with multiyear risk transfer capacity of $300 million against U.S. named storm and U.S. and Canada earthquake events from Jan. 13, 2016, to Dec. 31, 2019, Scor said in a statement.

The new notes replace the $60 million in U.S. tranches of Atlas VII Series, which matured on Jan. 7, according to the statement.

The size of this new cat bond reflects Scor’s increased presence in the U.S. catastrophe market, the statement said.

“This transaction complements Scor’s retrocession program for 2016, minimizing counterparty credit exposure and diversifying counterparty risk,” Victor Peignet, CEO of Scor Global P&C S.E., said in the statement.