Chicago, 09/18/2013 – Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, today announced that it has  successfully completed the offering of USD180 million of principal at-risk variable rate notes for Atlas IX Capital Limited (“Atlas IX”).

The offering provides SCOR Global Life SE, a subsidiary of SCOR SE, with collateralized extreme mortality protection against increases in U.S. mortality rates from any cause.  Atlas IX was structured to provide index-based coverage to SCOR Global Life based upon mortality rates reported by the U.S. Centers for Disease Control and Prevention. The transaction marks the first time SCOR has accessed the capital markets for protection for its life reinsurance portfolio and follows a strong track record of Atlas series catastrophe bonds on the non-life side.

Gilles Meyer, Chief Executive Officer  of SCOR Global Life, said: “The Series 2013-1 note offering of Atlas IX has created tremendous interest, enabling SCOR Global Life to secure substantial protection against its increased pandemic exposure following the strong growth of its portfolio, with the acquisition of Generali U.S. being the latest example. In combination with the innovation of an exceptionally low attachment point, the secured protection provided by Atlas IX represents a very cost efficient risk mitigation tool.”

Aon Benfield Securities was the sole structuring agent and a joint bookrunner for the Rule 144A transaction.

Paul Schultz, Chief Executive Officer of Aon Benfield Securities, said: “The offering of Atlas IX was very well received by investors, who appreciated the addition of a new sponsor to the extreme mortality bond market. The transaction was well received by the market and allowed SCOR to obtain meaningful coverage on very attractive terms.”

The notes were issued by Atlas IX Capital Limited, an Irish private limited company, which was established for this transaction.  Risk Management Solutions, Inc provided the risk modeling and analysis.  The notes were priced at 3.25 percent above the return on the underlying collateral which is Medium Term Notes with an interest rate of three-month LIBOR minus 0.06%. The Medium Term Notes were issued by the European Bank for Reconstruction and Development (“EBRD”) which carries a Standard and Poor’s rating of AAA. The Atlas IX notes have a six-year risk period running from 1 January 2013 to 31 December 2018, with a scheduled maturity date of January 17, 2019 and were rated BB(sf) by Standard and Poor’s.

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