22Oct07

Press release

Group

SCOR holds in excess of 98% of SCOR Holding (Switzerland) Ltd., seeking cancellation action

SCOR SE ("SCOR") announces that the SCOR Group now holds in excess of 98% of the voting rights of SCOR Holding (Switzerland) Ltd. (formerly Converium Holding Ltd.). According to Swiss laws and regulations, the SCOR Group herewith meets the conditions necessary for the filing of a cancellation action with respect to the remaining shares of SCOR Holding (Switzerland) Ltd. not owned by the SCOR Group in accordance with article 33 of the Swiss Stock Exchanges and Securities Trading Act.

SCOR SE ("SCOR") announces that the SCOR Group now holds in excess of 98% of the voting rights of SCOR Holding (Switzerland) Ltd. (formerly Converium Holding Ltd.). According to Swiss laws and regulations, the SCOR Group herewith meets the conditions necessary for the filing of a cancellation action with respect to the remaining shares of SCOR Holding (Switzerland) Ltd. not owned by the SCOR Group in accordance with article 33 of the Swiss Stock Exchanges and Securities Trading Act. 
 
Pursuant to applicable rules and regulations, in order for the SCOR Group to become the sole shareholder of SCOR Holding (Switzerland) Ltd., the SCOR Group will seek a court-ordered cancellation of the shares of the remaining shareholders of SCOR Holding (Switzerland) Ltd. for a consideration consisting of the same combination of cash and shares as offered in the public tender offer of the SCOR Group published on April 5, 2007, as amended on June 12, 2007.
 
In the context of such cancellation action, it is intended for SCOR Holding (Switzerland) Ltd. to apply for the delisting of its shares from the SWX Swiss Exchange and of its American Depositary Shares from the New York Stock Exchange as well as the deregistration of its securities and termination of its reporting requirements under the US Securities Exchange Act of 1934.
 
As a result of the acquisition of SCOR Holding (Switzerland) Ltd. (formerly Converium Holding Ltd.) by the SCOR Group, SCOR Holding (Switzerland) Ltd. will discontinue publishing quarterly financial information with immediate effect. SCOR Holding (Switzerland) Ltd. will continue, however, to comply with all applicable mandatory legal and regulatory disclosure obligations until the delisting of its shares from the SWX Swiss Exchange and of its American Depositary Shares from the New York Stock Exchange and the deregistration of its securities and termination of its reporting requirements under the US Securities Exchange Act of 1934.

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