Walkers Wins at Trading Risk Awards for Atlas IX

Trading Risk Awards Win – Life Transaction of the Year
On 19 June 2014, Atlas IX was announced as the Life Transaction of the Year award winner at the annual Trading Risk awards in London. Walkers Ireland advised on this US$180 million catastrophe bond programme, which also won the Finance Dublin Capital Markets deal of the year in March.

Deal Overview
In September 2013, reinsurer SCOR Global Life successfully secured US$180 million of extreme mortality protection through a catastrophe bond transaction facilitated by Atlas IX Capital Limited. The transaction involved the issuance of Series 2013-1 Notes under the Atlas IX Capital Limited Principal-at-Risk Variable Note Programme, a cat bond programme established in Ireland.

Deal Significance
This is the first extreme mortality cat bond deal done in Ireland. Within the insurance linked securities (ILS) industry the deal was notable for the very low attachment threshold applicable to the notes and an extraordinarily narrow corridor between the attachment and exhaustion points.

Walkers Ireland – ILS Leaders
Since Walkers Ireland launched its Insurance Linked Securities (ILS) group in Sept 2011 we have acted on all bar one of the ILS deals which have been structured through Irish SPVs/SPRVs. Walkers has quickly established itself as the go to firm for ILS transactions in Ireland and this latest award is further industry recognition of this.

Garry FergusonManaging PartnerT +353 1 470 6659garry.ferguson@walkersglobal.com
Noeleen RuddyPartnerT +353 1 470 6650noeleen.ruddy@walkersglobal.com
Therese RedmondHead of Listing ServicesT +353 1 470 6645 therese.redmond@walkersglobal.com