SCOR Investment Partners has signed an agreement to acquire 100% of the capital of UK based fund manager Coriolis Capital to expand Insurance-Linked Securities (ILS) unit.
Subject to regulatory approval, Coriolis Capital will become a fully owned subsidiary of SCOR Investment Partners, with the transaction due to be finalised in the second half of 2019.
With this first acquisition, SCOR Investment Partners is entering an important new phase in its development and expanding its capacity on the ILS market, reaching an aggregate sum of $2.1bn of assets under management and operating in both Paris and London.
The combined ILS platform will enable SCOR Investment Partners to provide its investors with strong value-added expertise and services, including improved market access, additional expertise in financial engineering and complementary fund infrastructure.
Denis Kessler, chairman & chief executive officer of SCOR, said: "With this acquisition, SCOR is advancing its development in the field of alternative reinsurance in order to seize market opportunities and benefit from the institutionalisation of ILS as an asset class. The resulting ILS platform will reach a critical size. Alongside ILS origination with our SCOR Global P&C clients, in synergy with the underwriting teams, this will create new opportunities for our ILS management business, enabling it to move into the top tier of the market."