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SCOR conclude l'emissione del suo nuovo cat bond Atlas VI da 75 milioni di Euro
SCOR ha sponsorizzato con successo un nuovo programma di obbligazioni-catastrofe ("cat bond"), Atlas VI, che fornisce una copertura di 75 milioni di Euro contro tempeste di vento in Europa e terremoti in Giappone.
(informazione.it - comunicati stampa - economia)
Le obbligazioni Atlas VI sono state collocate presso investitori istituzionali di tutto il mondo e sono state ampiamente sottoscritte. Attraverso questa nuova emissione di cat bond, SCOR continua a perseguire la sua strategia di protezione del capitale, che rappresenta una pietra angolare della strategia del Gruppo mirata a proteggere gli interessi degli azionisti. SCOR tradizionalmente attua una politica di retrocessione attiva unita all'emissione di Cat Bond.
This issue closed on 9 December 2009 and will provide SCOR with cover against European windstorm and major Japanese earthquake risks until 31 March 2013. The loss payments on Atlas VI are based on Risk Management Solutions' ("RMS") Paradex Europe Windstorm, a parametric index trigger that uses the wind speeds during a windstorm to estimate losses to SCOR. The Japanese earthquake portion of the notes uses a parametric index trigger based on measurements from the Kyoshin network of earthquake recording stations.
Following the precedent of substantially improved transparency and security standards for investors set by the Atlas V cat bond, Atlas VI also takes advantage of improvements in managing counterparty risk for SCOR and investors.
This transaction replaces Atlas Reinsurance III, which provided EUR 120 million of coverage for second and subsequent European windstorm and Japanese earthquake events for the risk period from 1 January 2007 to 31 December 2009.
Like its predecessors, Atlas VI is a special-purpose company incorporated under the laws of Ireland.
Aon Benfield Securities was lead structurer for the transaction and together with BNP Paribas and Deutsche Bank jointly managed the transaction and the book on the deal. Rating agency Standard & Poor's has issued a rating of BB-.
In 2009, SCOR completed the USD 200 million Atlas V transaction, the first Insurance Linked Security (ILS) issued following the collapse of Lehman Brothers. SCOR is a frequent issuer of ILS, with nine transactions completed: Atlas Reinsurance I, II, III, and IV, Atlas V and Atlas VI, Helix 04, originally issued by Converium, which is now part of SCOR, and the four-year mortality swap to which a new layer was added to protect the Group against major pandemics, natural catastrophes and terrorist attacks. Atlas Reinsurance III and IV, Atlas V and the mortality swaps provide SCOR with ongoing protection.
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Additional information regarding risks, uncertainties and pending litigations is set forth in the 2008 reference document registered with the AMF under number D.09-0099 ("Document de Référence") and subsequently updated in the half year report, both available on SCOR website www.scor.com. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.