19Jul11

Press release

Group

SCOR finalises the sale of its US Fixed Annuity business

SCOR has finalised the sale of its subsidary Investors Insurance Corporation (IIC) to Athene Holding Ltd. (Athene), as initially announced on 16 February 2011. This sale of SCOR’s US fixed annuity business, for USD 55 million, is in line with the Group’s strategy to develop its Life reinsurance activities around biometric risks, as set out in the Group’s strategic plan for the period 2010-2013, “Strong Momentum”. The transaction is also freeing up significant regulatory and rating capital.

SCOR has finalised the sale of its subsidary Investors Insurance Corporation (IIC) to Athene Holding Ltd. (Athene), as initially announced on 16 February 2011. This sale of SCOR’s US fixed annuity business, for USD 55 million, is in line with the Group’s strategy to develop its Life reinsurance activities around biometric risks, as set out in the Group’s strategic plan for the period 2010-2013, “Strong Momentum”. The transaction is also freeing up significant regulatory and rating capital.
 
 
Denis Kessler, Chairman & CEO of SCOR, comments: “In accordance with the strategic orientations set out in its “Strong Momentum” plan, SCOR focuses its Life reinsurance activities on biometric risks, as confirmed by this divestiture and the recent acquisition of Transamerica Re’s mortality business, announced on 26 April 2011.”
 
As a result of the sale to Athene, no SCOR entity shall have any further obligations in respect of any insurance contracts issued by IIC before and through the closing.

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