10Jul07

Press release

Group

Major success of the Initial period of the Offer: SCOR now owns 86.07% of Converium

To SCOR’s knowledge, as of July 9, 2007, SCOR would own 86.07% of Converium Holding AG (“Converium”).

To SCOR’s knowledge, as of July 9, 2007, SCOR would own 86.07% of Converium Holding AG (“Converium”).
 
As part of the initial tender period of SCOR’s public offer for Converium Holding AG’s publicly held shares (“the Offer”), which opened on June 12, 2007 and was closed on July 9, 2007, 77,937,316 Converium shares have been tendered to the Offer, i.e. 53.13% of Converium shares.  Together with the 48,320,350 Converium shares already owned by the SCOR Group, SCOR would hold 86.07% of Converium’s share capital in the aggregate.  The definitive interim result of the Offer will be published on July 13, 2007. 
 
This preliminary interim result is a great success, and bears witness to the support of a very large number of Converium shareholders for the combination of SCOR and Converium in order to create the fifth largest global multi-line reinsurer.  
 
Pursuant to applicable Swiss laws and regulations, Converium shareholders can still accept the Offer under the same terms and conditions during the additional acceptance period, which will open on July 13, 2007 and will be closed on July 26, 2007 at 4pm.  Subject to the conditions subsequent set forth in the Offer prospectus published on April 5, 2007, as amended on June 12, 2007, the settlement and delivery of the Offer is scheduled to take place on August 8, 2007. 

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