SCOR Investment Partners acquires Coriolis Capital

SCOR Investment Partners, the French reinsurer’s portfolio management company, has signed an agreement to acquire 100% of the capital of Coriolis Capital, a pioneering fund manager in the insurance-linked securities (ILS) field that invests in catastrophe bonds, collateralized reinsurance and climate derivatives. Subject to regulatory approval, Coriolis Capital will become a fully owned subsidiary of SCOR Investment Partners, with the transaction due to be finalized in the second half of 2019. The SCOR group is a longstanding player in alternative reinsurance. It has been active on the market for 19 years as an issuer through SCOR Global P&C, with its first Atlas catastrophe bond issued in 2000, and as an asset manager since 2011 through SCOR Investment Partners. SCOR Investment Partners itself started to invest in ILS in 2011 with the launch of the Atropos investment fund. It has since built diversified ILS portfolios exposed exclusively to natural catastrophe risk, representing $1.3bn of assets under management. The acquisition of Coriolis brings SCOR Investment Partners’ ILS business up to an aggregate sum of $2.1bn of assets under management with operations in both Paris and London. SCOR CEO Denis Kessler said in a statement that SCOR is advancing its development in the field of alternative reinsurance in order to seize market opportunities and benefit from the institutionalization of ILS as an asset class: “The resulting ILS platform will reach a critical size. Alongside ILS origination with our SCOR Global P&C clients, in synergy with the underwriting teams, this will create new opportunities for our ILS management business, enabling it to move into the top tier of the market.”

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