Annual Report - Scor

Annual Report SCOR 2009
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19 June
SCOR Global P&C publishes a technical
newsletter on bodily injury in motor liability
In its technical newsletter on the French market and motor liability,
SCOR Global P&C shares its expertise on the indemnities of bodily
injury in motor liability in France. By analysing changes in the cost
of serious accidents, this publication written by experts at SCOR
Global P&C presents an extensive overview of alternative forms of
indemnity.
30 June
SCOR opens a Life and Non-Life subsidiary in South Africa
The South African regulatory body for the insurance sector, the
FSB, has granted SCOR SE a licence to conduct Life and Non-Life
reinsurance business. The Group’s representative office in
Johannesburg has thus become a fully-fledged composite
subsidiary of SCOR SE, called SCOR Africa Limited. The subsidiary’s
activities will cover Africa’s English and Portuguese-speaking
markets as well as Mauritius.
The Life and Non-Life insurance market in South Africa has grown
rapidly in recent years and has one of the most dynamic penetration
rates in the world. This increase in Life and Non-Life activity is
notably due to South Africa’s readmission to the global economy,
to the expansion of the middle class and to significant spending
on infrastructure, all of which generate new insurance needs.
2 July
SCOR SE signs the Kyoto Statement, a major insurance
and reinsurance initiative to combat climate change
The Group has signed the Kyoto Statement on climate change,
launched by the Geneva Association of which SCOR is a member.
Through this statement, the SCOR group commits itself, along
with the principle insurers and reinsurers throughout the world, to
the continued reduction of its carbon footprint and to playing a
leading role in the fight against the risks linked to climate change.
The Group will achieve this more especially by developing research
into climate risk, by putting its expertise in the field to work for its
clients, by securing investments made in low CO 2 technology and
by working alongside the public authorities.
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22 July
SCOR acquires US-based XL Re Life America
On 18 July 2009, SCOR Global Life US (SGL U.S.), a wholly owned
subsidiary of the SCOR Group, reached a definitive agreement to
acquire XL Re Life America Inc. (XLRLA), a subsidiary of XL Capital
Ltd. The total consideration of the transaction, which amounts to
EUR 31.7 million, will be settled in cash and is entirely self-financed.
This acquisition will help SGL US to strengthen its position on the
US Life reinsurance market.
XLRA's business shows a strong compatibility with SCOR’s Life
strategy, which is rooted in focusing on traditional protection
business with no connection to economic risks.
23 July
SCOR wins “Catastrophe Risk Transaction
of the Year" award from Environmental Finance
Environmental Finance magazine has named SCOR as the winner
of this year’s “Catastrophe Risk Transaction of the Year" award for
its “Atlas V" transaction carried out in February 2009.
Environmental Finance is a leading monthly industry magazine
covering the increasing impact of environmental issues on the
lending, insurance, investment and trading decisions affecting
industry.
The award recognises the fact that SCOR effectively re-opened the
catastrophe bond market after the collapse of Lehman Brothers in
September 2008 and highlights the innovative features that have
become trademarks of the “Atlas V" CAT bond, notably the
improved transparency and security standards for investors.
In particular, Environmental Finance distinguishes the improvements
in managing counterparty risk for SCOR and investors that have
been achieved by employing a much-enhanced total return swap
structure, along with the full and permanent transparency
regarding the asset development of the collateral for investors. The
use of US-government-backed debt obligations as the underlying
securities and the top-up “margining" facility by the total return
swap counterparty, which guarantees that the collateral will
constantly be replenished in the event of a drop in the underlying
security, were also considered to be key innovative features.
30 July
SCOR records net income of EUR 184 million
for the first half of 2009; robust July renewals underline
the Group’s strong competitive position
SCOR’s solid results for the first half of 2009 demonstrate once
again the resilience of its business model in a financial environment
that continues to be challenging. The higher premium volume
confirms the commercial dynamism of the Group, supported by a
strong capital base and profit momentum.