Scor has expanded its use of the catastrophe bond market as risk transfer, by upping its cat bond issuance through its Atlas programme.
The issuance gives Scor retrocessional protection from US named storm and US and Canadian earthquake events.
The latest $300m Atlas IX Series 2016-1 notes replace $60bn of matured bonds from the Atlas VII series.
The old bonds expires on January 7, while the risk period for Atlas IX 2016-1 will run from 13 January 2016 to 31 December 2019.
Scor said the size of this new cat bond reflects its increased presence in the US cat market, as laid out in the reinsurer’s "Optimal Dynamics" plan.
Competitive pricing within the cat bond market has contributed to its increased usage by traditional reinsurers, such as Scor, for protection for their own property cat exposure.
Aon Benfield Securities acted as the sole structuring agent for the deal and as joint bookrunner, along with Guy Carpenter’s rival cat bond broking arm, GC Securities.
"The successful placement of this new cat bond contributes to the optimisation of Scor's retrocession structure; it enables the Division to deploy its client-focused initiative in the US, offering cat capacities in line with its ambition to reach a Tier 1 position in selected segments of the US market,” said Victor Peignet, CEO of Scor Global P&C.
“This transaction complements SCOR's retrocession programme for 2016, minimising counterparty credit exposure and diversifying counterparty risk," Peignet added.
The cat bond was priced on December 23 and closed on January 12.