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French fund manager buys London hedge fund firm

Scor Investment Partners swooped on insurance-linked securities (ILS) specialist fund manager Coriolis Capital.

French fund manager buys London hedge fund firm

Scor Investment Partners has fully acquired insurance-linked securities (ILS) specialist fund manager Coriolis Capital.

The deal will boosts Scor's operations in the ILS market to a total $2.1 billion in assets under management.

In its first acquisition, the French asset manager is buying 100% of the capital of UK hedge fund company Coriolis Capital, which invests in catastrophe bonds, collateralised reinsurance and climate derivatives.

The acquisition falls in line with Scor’s long-standing focus on alternative reinsurance, for which it has been present in the market for 19 years with Scor Global P&C and since 2011 with asset management arm Scor Investment Partners.

The firm runs the Atropos investment fund, which invests in insurance-linked securities and builds diversified ILS portfolios exposed to natural catastrophe risk, representing $1.3 billion in assets under management.

Subject to regulatory approval Coriolis Capital will become a fully owned subsidiary of Scor Investment Partners, with the transactions expected to be finalised in the second half of 2019.

Commenting on the purchase, Denis Kessler, chairman and 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 institutionalization of ILS as an asset class. The resulting ILS platform will reach a critical size.’

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