PARIS, June 12, 2002 (PRIMEZONE) -- SCOR (NYSE:SCO) has just signed a partnership agreement for the distribution and management of annuity insurance products with the Legacy Marketing Group*, in California.
Insurance policies will be written by Investors Insurance Corporation (IIC), a U.S. direct insurance company acquired by the Group when it took over PartnerRe Life in August 2000, and reinsured by SCOR. This alliance also includes an arrangement which could effectively transfer the ownership of IIC to Legacy Marketing Group within a five-year period.
"Since we entered the U.S. Life market less than two years ago, we have been highly successful in developing our traditional business portfolio, and now reinsure some thirty major Life insurance companies. This new partnership will significantly enhance SCOR's annuities reinsurance portfolio (fixed and indexed annuities), in line with our strategy."
Romain Durand, Group Executive Vice President - Life
* Legacy Marketing Group comprises a distribution network of 22,000 independent agents specialized in the development, distribution and administration of insurance products, with a particular focus on annuities. Legacy has been present in the annuity market for more than 10 years. Over the past five years, it has distributed fixed annuity products amounting to nearly USD 7.5 billion.
With 30 offices around the world, serving clients in over 150 countries, SCOR is France's largest reinsurer and one of the industry world leaders. Thanks to its ability to provide innovative technical and service support, the SCOR Group has built up a well balanced portfolio of Property and Casualty, Life, Accident & Health and Specialty reinsurance products and services. The Group's ratings, which include AA- from Fitch, A (Excellent) from AM Best and A+ from Standard & Poor's, reflect its financial strength and underwriting expertise. SCOR shares, which belong to the SBF 120, Bloomberg European Insurance, NEXT 150 and Dow Jones STOXX indexes, are listed in Paris and New York. SCOR has a widely diversified international shareholder base, with more than 20,000 shareholders in 64 countries.