Reinsurer SCOR Acquires Fund Manager Specializing in Insurance Linked Securities

May 23, 2019

French reinsurer SCOR said it had agreed to buy 100% of Coriolis Capital, an asset manager specialized ininsurance-linked securities, for an undisclosed amount.

Coriolis Capital invests mainly in natural disaster bonds, options, collateralized reinsurance and climate derivatives.

SCOR said the acquisition, expected to be finalized in the second half of 2019, would raise the assets which its investment unit manages to $2.1 billion.

SCOR, which recently rejected an 8.2 billion euro ($9.1 billion) takeover attempt, is due to unveil a new strategic plan in September.

($1 = 0.8971 euros) (Reporting by Inti Landauro; editing by Sudip Kar-Gupta)

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