SCOR places cat bond against U.S. hurricanes and earthquakes, European windstorms

Global reinsurer SCOR placed a new catastrophe bond on Nov. 1, the company has announced.

Atlas Reinsurance VII Limited, an Irish reinsurance vehicle, will provide the company US$60 million against  hurricanes and earthquakes in the United States, and 130 million euros against European windstorms, for a risk period extending from Jan. 1, 2013 to Dec. 31, 2015.

Aon Benfield Securities Inc., Natixis and BNP Paribas managed the transaction and the book on the deal.

As of Nov. 5, SCOR had completed 13 similar transactions, including protection against major pandemics, natural catastrophes and terrorist attacks, as part of its ongoing “policy of diversifying its capital protection tools.”