24May07

Press release

P&C

World Trade Center compensation settlement: SCOR will refer its reinsurance contract with Allianz to arbitration

Agreements concerning the World Trade Center were signed on 23 May between Silverstein Properties and various insurers, including Allianz. SCOR is a reinsurer of Allianz Global Risks U.S. Insurance on this property & casualty insurance policy.

Agreements concerning the World Trade Center were signed on 23 May between Silverstein Properties and various insurers, including Allianz. SCOR is a reinsurer of Allianz Global Risks U.S. Insurance on this property & casualty insurance policy.
 
SCOR considers that the Allianz settlement agreement does not respect the terms and conditions of the Certificate of Reinsurance between SCOR and Allianz. SCOR has already informed Allianz that this settlement exceeds the contractual requirements and contains ex gratia elements. 
 
Under the terms of the clause set out in the Certificate of Reinsurance, SCOR has requested that this case be referred to arbitration.

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