SCOR rolls out new $200m sidecar backed by Sweden’s Alecta

Global reinsurer  SCOR has launched a new $200 million sidecar backed by Sweden’s largest private pension fund Alecta, as it looks to further expand its third-party capital strategy.

SCOR has secured the investment by Alecta through the Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the newly created special purpose reinsurer, Atlas Re Limited in Bermuda.

Jean-Paul Conoscente (pictured), chief executive officer 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.”

With this investment, Alecta will benefit from SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multi-year agreement.

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.”

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