In an article published at the beginning of August in the Swiss financial daily the Handelszeitung, Michel Dacorogna, Deputy Chief Risk Officer of SCOR, and Philipp Keller, Partner Head of Insurance Risk Management Financial Services Industry at Deloitte AG Switzerland, underline the fundamental differences between Solvency II and its Swiss counterpart, the Swiss Solvency Test (SST).
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The English translation is adapted from the article published in the Handelszeitung.
To read the German version, click on this link.

After the extreme volatility of 2008 spoiled the MCEV launch party, investors have been understandably wary of the way some firms have taken a hardline stance on market consistency. Now the variance in how non-hedgable risks are assessed is what is preventing a full convergence.
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Thanks to a second quarter which illustrated the Group's capacity to deliver a high level of recurring profitability with a net income of EUR 120 million compared to EUR 91 million in the second quarter 2009 (i.e. +32%), SCOR records a net half-year income of EUR 156 million, compared to EUR 184 million in 2009.
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H1 2010 - Presentation
H1 2010 - Half Year Report
2009 SCOR Global P&C Reserve - Presentation
2009 SCOR Global P&C Reserve Triangles - Excel file
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In the July edition of "Cahiers de Friedland", publication of the Paris Chamber of Commerce and Industry, Denis Kessler, Chairman & Chief Executive Officer of SCOR, explains how the gathering pace of historical events has placed unprecedented pressures on modern economic agents, who have to make long-term decisions in an uncertain and risky environment. He adds that it is however possible to set up a balanced framework for both business and the entire wider community.
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P&C and Specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates, whilst fully respecting the technical underwriting profitability criteria.
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Mr Wayne Ratcliffe, Director of Group Rìsk Management of SCOR SE and Mr Frank Sämer, Chief Risk Officer of SCOR Global Life SE, discuss the implementation of enterprise risk management (ERM) in an organisation, giving practical examples from SCOR along the way.
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In an article published on 8 July in "Challenges", Denis Kessler, Chairman and Chief Executive Officer of SCOR, says all well-advised governments should bear in mind that wealth is created by a combination of three factors – inheritance, effort and luck.
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The winners of the Reactions London Market Awards 2010 were announced on June 30 in front of a packed crowd [...]

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SCOR was named "(Re)insurer/Sponsor of the Year" at the Trading Risk Awards 2010.

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In an article published in "Insurance Day" on 4th July 2010, Denis Kessler, SCOR's Chairman and Chief Executive Officer, predicts dire outcomes from the current version of Solvency II.
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In an article published in the French daily newspaper Le Monde on 23 June, Denis Kessler, Chairman and CEO of SCOR, explains why G20 has to think up a new global form of governance.
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In the magazine "Challenges" of 17 June 2010, Denis Kessler, Chairman and CEO of SCOR, declares that our pensions system needs in-depth reform, in order to guarantee both its long-term solvency and the fairness of its redistributions.
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The economic crisis has too often been made out to be hard-hitting, yet short and brief. The ways of dealing with such a crisis are found in old textbooks. First of all, the credit crunch, which could have developed into full-blown depression, was curbed [...]
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