13Nov09

Press release

Group

WTC matter is closed

SCOR has been informed of the final award of the arbitration panel regarding the World Trade Center (WTC) indemnification dispute between Allianz and SCOR.

SCOR has been informed of the final award of the arbitration panel regarding the World Trade Center (WTC) indemnification dispute between Allianz and SCOR. 
 
The panel has decided that Allianz had not exceeded its rights and obligations. SCOR and its retrocessionnaires will assume, to the extent of their respective commitments, their share in the indemnification obligations relating to the World Trade Center claim. 
 
The additional costs resulting from the full coverage of two distinct events are estimated to 39 million euros after tax and retrocession. SCOR estimates that these additional costs will neither modify the ROE objectives of the SCOR Group, nor its dividend distribution policy, and will not affect SCOR’s financial position.
 
This award finally terminates this legacy matter which originated in 2001.

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