Scor, the French reinsurer, put in place a €75m increase to a contingent capital product on Wednesday, nearly a year after the equity line triggered its first capital raise through an accelerated bookbuild. It has since tweaked the structure to make it less likely to trigger again.
As with the previous deal, UBS is providing the underwriting. If natural catastrophe losses reach a pre-defined amount in a 12 month period, it will mandatorily exercise 75m of warrants for new Scor shares, paying 90% of the prevailing three day volume weighted average price. Scor estimated that
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