May 31, 2023

Willkie acted as deal counsel in connection with SCOR’s issuance of $75 million Series 2023-1 Class A Principal At-Risk Variable Rate Notes, via Irish-incorporated Atlas Capital DAC.

The Atlas cat bond secured SCOR SE $75 million of fully collateralized retrocessional catastrophe protection. SCOR is covered against losses from major catastrophe industry loss events caused by U.S. named storms and earthquakes (including Puerto Rico and the U.S. Virgin Islands), Canada earthquakes and European windstorms. 

The Atlas Capital DAC Series 2023-1 offering is the inaugural issuance made by Atlas Capital DAC, a multi-arrangement special purpose vehicle approved in Ireland under Solvency II. The Atlas Capital DAC programme is among the first of this type of programme structure established in Ireland. Atlas Capital DAC has received permission to secure protection against various perils relating to both mortality and catastrophe triggers. 

SCOR is a global reinsurance company offering its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk.

The Willkie team in London was led by partners Joseph Ferraro and Jennifer Tait and included associates David Griffiths and Nicole Kapu-Leyland.