At the Merrill Lynch conference in London on 30 September 2009. Denis Kessler, Chairman and Chief Executive Officer of SCOR highlighted the fact that demand for reinsurance should remain positive in 2010, as primary insurers are under pressure due to a shrinkage of their capital base and due to an anticipated increase in capital requirements due to regulatory changes.

At the same time, the supply of capital in the industry is still far from the end of 2007 levels, with very limited capital inflows and no increase in net capacity. The industry has shown and will continue to show in 2010 the continued focus on disciplined underwriting which has characterized the recent past.

SCOR’s underwriting policy in 2010 will continue to be focused on technical profitability and limiting the Group’s exposure to economic risks.

Denis Kessler stressed the fact that that SCOR’s strategy of growth is aligned with markets and economic conditions.

In the current environment, with a hardening cycle, an increased demand for reinsurance and a positive momentum around the Group, SCOR is not pursuing transformational acquisitions.

The Group shall instead focus on organic growth, leveraging on the increased strength of our franchise and the struggling positions of some of its competitors. SCOR will not disregard potential “gardening‿ opportunities, which could complement SCOR’s portfolio, bringing expertise or additional diversification to the franchise.

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