SCOR completes the merger of its three SE legal entities
SCOR Global Life SE and SCOR Global P&C SE merged into SCOR SE on March 31, 2019
SCOR Global Life SE and SCOR Global P&C SE merged into SCOR SE on March 31, 2019. This reorganization, which was announced by SCOR in September 2016 as part of its three-year strategic plan "Vision in Action", enables SCOR to optimize its operational and legal structure and level of regulatory capital, thereby creating additional value for its shareholders, customers and partners.
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) confirmed its non-opposition to this merger on March 20, 2019, and the Group obtained all the required regulatory authorizations for the Group's branches and foreign subsidiaries.
As of April 1, 2019, all assets, rights, obligations and liabilities of SCOR Global Life SE and SCOR Global P&C SE have been transferred to SCOR SE. This transfer has no impact on current contractual obligations and SCOR SE is automatically be substituted for SCOR Global Life SE and SCOR Global P&C SE, without modifying any of the terms and conditions of the transferred contracts.
SCOR's financial rating and its ability to pursue its Life and P&C reinsurance activities remain unchanged.
As previously communicated, the solvency capital benefit of this merger on the Eligible Own Funds is approximately EUR 200 million.
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