The Bank of New York Mellon has been appointed trustee, paying agent, transfer agent and extension agent for French-reinsurer SCOR’s $200 million catastrophe bond issue.
The three-year bond, issued by Irish-based special purpose vehicle Atlas V Capital Ltd., covers SCOR against losses from hurricanes and earthquakes in the United States and Puerto Rico.
In its role, The Bank of New York Mellon will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining noteholder records.
SCOR’s bond issue, which represents the first such issue in the last six months, addresses investor concerns by incorporating innovative structural changes and focusing on increased transparency and collateral management.
“This transaction required an experienced catastrophe bond servicer with global capabilities that could accommodate a variety of structural innovations,” says Elizabeth DaSilva, managing director and head of the Global Americas region for the Global Corporate Trust business.
“With the cat-bond market expected to rebound in 2009, we will continue to work closely with underwriters and global reinsurance clients to implement innovations that satisfy market demand.”
L.D.