23Aug07

Press release

Group

AM BEST affirms rating of SCOR and upgrades rating of Converium to “A-, stable outlook”

SCOR is pleased with the decisions by AM BEST to affirm the rating of SCOR Group and its subsidiaries at “A-, stable outlook”, to upgrade the rating of Converium AG to “A-, stable outlook” and to remove the ratings of both Groups from “under review” status. SCOR’ rating, which had been placed under review with negative implications following the announcement of the acquisition of Converium, has been upgraded to « A-, stable outlook ». Converium’s rating, which had been downgraded in August 2004 to “B++”, has been upgraded to “A-, stable outlook”.

SCOR is pleased with the decisions by AM BEST to affirm the rating of SCOR Group and its subsidiaries at “A-, stable outlook”, to upgrade the rating of Converium AG to “A-, stable outlook” and to remove the ratings of both Groups from “under review” status. SCOR’ rating, which had been placed under review with negative implications following the announcement of the acquisition of Converium, has been upgraded to « A-, stable outlook ». Converium’s rating, which had been downgraded in August 2004 to “B++”, has been upgraded to “A-, stable outlook”. 
 
The affirmation of the SCOR rating at « A-, stable outlook» by AM Best reflects, according to AM Best, the excellence of the Group’s business profile in Life and Non Life reinsurance in Europe, the strength of the Group’s capital base and the excellence of the operating performance of the combined Group. 
 
The upgrade of Converium’s rating to « A-, stable outlook» demonstrates the benefits for the combined Group of enlarging its scale and scope, especially in Non-Life reinsurance, whilst improving its risk adjusted capitalisation.
 
The affirmation of the combined Group at an « A » level rating, announced by AM Best as « excellent », will notably spur the US underwriting of SCOR Global Life and favour the implementation of the rigorous and focused underwriting plan which SCOR Global P&C has already adopted in Property and Casualty reinsurance in the United States.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com