SCOR awarded the 2013 “Prize for Best Financial Operation - M&A” by the Club des Trente
The SCOR Group was awarded the “Prix de la meilleure opération financière – M&A” (Prize for the Best Financial Operation) for 2013 by the Club des Trente, for its acquisition of Generali US.
Yesterday evening, the SCOR Group was awarded the “Prix de la meilleure opération financière – M&A” (Prize for the Best Financial Operation) for 2013 by the Club des Trente, for its acquisition of Generali US.
Each year, the Club des Trente, an association of CFOs of the leading French companies, awards the Prize for Best Financial Operation in two categories: “M&A” and “Financing”.
The acquisition of Generali US, finalised on 1 October 2013, has enabled the SCOR Group to become the market leader in the US life reinsurance market, while keeping to the profitability and solvency targets of the “Optimal Dynamics” plan.
The transaction has been financed without the issuance of new shares, in particular thanks to SCOR’s own resources and the issuance of CHF 250 million perpetual subordinated notes. In addition, SCOR has limited the increase of its mortality risk exposure in the USA by entering into a risk transfer contract providing protection of USD 180 million against extreme mortality events.
The acquisition of Generali US was conducted with the support of BNP Paribas and Deutsche Bank as financial advisers, Skadden, Arps, Slate, Meagher & Flom LLP as legal adviser, actuarial firm Towers Watson and audit firm PwC.
Denis Kessler, Chairman & Chief Executive Officer of SCOR SE, comments: “We are delighted to receive this prize from the Club des Trente in recognition of a successful acquisition of which SCOR is particularly proud. This transaction is the fruit of a tremendous collective effort that involved many areas of expertise within the Group and its advisors. With this operation, which has resulted in a gain on purchase net of acquisition-related expenses of EUR 183 million, SCOR has become the market leader in the US life reinsurance market and has incorporated high-quality teams”.