Atlas Re and SCOR in long-term transaction
The world’s fourth largest reinsurer has secured a $200 million investment by a Swedish pension fund into the Atlas Gotland Worldwide Catastrophe sidecar, a segregated account of the newly-created, Bermudian-based special purpose reinsurer, Atlas Re Limited.
SCOR, which has 36 offices worldwide, said with this investment, the pension fund Alecta will benefit from the performance of SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multiyear agreement.
Jean-Paul Conoscente, CEO of SCOR Global P&C, said: “We are very pleased to strengthen our relationship with Alecta through this long-term partnership and to further expand SCOR’s strategy of giving access to its underwriting franchise and diversified portfolio to institutional investors through third-party capital transactions.
“This is another important milestone in the development of SCOR’s third-party capital strategy, with an important partnership with a leading pension fund.”
Tony Persson, head of fixed income and strategy at Alecta, said: “Our focus is on generating solid long-term returns for our customers being 2.6 million people and 35,000 businesses across Sweden.
“We manage our assets in a cost efficient and sustainable manner, working with few select external partners where we see relevant investment opportunities.
“We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns benefiting our overall portfolio and are pleased to partner with SCOR given their expertise in this domain.
“We look forward to a long-lasting collaboration.”