PARIS, April 17, 2002 (PRIMEZONE) -- SCOR Group (NYSE:SCO) has announced the placing on the capital markets of HORIZON, a EUR 130 million index-linked securitization of liabilities designed to lower its risk profile in Credit Reinsurance. This securitization is fully backed by Aaa-rated assets, providing first-rate financial security.
This structurally innovative cover is linked to Moody's A and Baa ratings indices which comprise weighted credit risk populations rated between A1 and Baa3. The indices were picked for their match with SCOR's credit exposures in terms of quality, geographic diversity and range of sectors.
Jacques Blondeau, Chairman and CEO, stated: "This marks a new stage in the dynamic management of SCOR's risk portfolio. Apart from the direct benefits HORIZON will bring-protecting the Group from systemic credit insurance risks over the next five years-this operation will further bolster our capital, providing a still stronger platform for our ongoing expansion."
This securitization completes SCOR's program to strengthen the Group capital base. This program began in December 2001 with the formation of Irish Reinsurance Partners. It continued in January 2002 with the issuance of the Atlas Re II Cat Bond, and then in April of this year with the disposal of SCOR's stake in Coface and the sale of its Fulcrum business.
JP Morgan advised on the placing.
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.
Certain statements contained in this press release are forward-looking statements that are based on risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements. Additional information regarding risks and uncertainties is set forth in the current annual report of the company.