French reinsurance company SCOR now owns 100% of the insurance-linked securities (ILS) of London-based hedge fund Coriolis Capital. The financial details of the acquisition have not been released, but relevant regulatory approval has been granted, including from the UK's Financial Conduct Authority. The firm began investing in ILS in 2011. In a statement to CNBC, SCOR's CEO and founder John Moore said that his company's investment was made with an eye toward "providing liquidity for our clients as well as helping us grow into
French reinsurance company SCOR now owns 100% of the insurance-linked securities (ILS) of London-based hedge fund Coriolis Capital. The financial details of the acquisition have not been released, but relevant regulatory approval has been granted, including from the UK's Financial Conduct Authority. The firm began investing in ILS in 2011. By absorbing Coriolis' ILS, the resulting platform will be a major player, taking on the smaller firm's investments in catastrophe bonds, collateralised reinsurance and climate derivatives.