SCOR Investment Partners agreed to acquire 100% stake in Coriolis Capital in efforts to boost its insurance-linked investment capabilities, the firm said in a statement.
Coriolis, which invests in catastrophe bonds, collateralized reinsurance and climate derivatives, will become a fully owned subsidiary of SCOR Investment Partners when the transaction closes in the second half of 2019 subject to approvals. Terms of deal, which will boost SCOR's insurance-linked securities portfolio to $2.1 billion, were not disclosed.
"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," SCOR Chairman and CEO Denis Kessler said in a news release.
SCOR Investment Partners had €19.1 billion ($21 billion) in assets under management as of Dec. 31.