Annual Report - Scor

Annual Report SCOR 2009
january february march april may june july august september october november december
3 September
SCOR extends mortality swap with J. P.Morgan
to protect the Group from pandemic risks
SCOR Global Life SE, a subsidiary of SCOR SE, has added a new
layer of protection to its current four-year mortality swap
transaction with the financial services firm J.P.Morgan. Under the
new, extended arrangement, SCOR will be entitled to USD 75
million in the event of a rise in mortality over the course of the
period from 1 January 2009 to 31 December 2011 due to major
pandemics, natural catastrophes or terrorist attacks.
The previous four-year mortality swap with J.P.Morgan, which
was signed on 22 February 2008, provides for receipt of up to
USD 100 million and EUR 36 million at any index level between
the trigger point of 115% and the exhaustion point of 125%.
The new swap covers a change in the mortality index of 105 to
110%. Both transactions are indexed against a weighted
16
The organisation system based on six management
platforms has been in place for over a year now,
what do you think are the positive and negative
points of such an organisation?
It is not an issue of positives and negatives - the SCOR brand
has an improved platform from which to operate with the
conviction of acting locally and thinking globally. SCOR is a
matrix structured company and the current Hub managers
are well accustomed to operating in such an environment
and recognize Group and Divisional objectives.
Does it represent new administrative
and/or operational constraints for you?
The Hubs’ platform does not present any administrative or
operational constraints. In an ever competitive global
environment, optimization of resources (human capital or
otherwise) is one of the Group’s key success factors.
Operational platforms must be lean and responsive to
tomorrow’s challenges, allowing management to react
combination of US and European population mortality, measured
over two consecutive calendar years.
4 September
Standard & Poor's upgrades SCOR’s
Enterprise Risk Management (ERM) rating to "Strong"
Standard & Poor's has raised SCOR’s Enterprise Risk Management
(ERM) rating from “adequate" to “strong", principally evaluating
the Group’s risk management culture as well as its strategic risk
management. According to Standard & Poor’s the ERM ratings
upgrade reflects the Group’s excellent risk management culture,
excellent emerging risk management, strong strategic risk
management and strong or at least adequate risk controls for the
group’s major risks. The rating agency further noted that SCOR’s
risk appetite, product and investment mix and financial targets
should produce strong earnings, with lower volatility than many
of its peers in the reinsurance sector.
INSIDE WORD
Why a Hub-based
organisational structure?
By Henry Klecan
rapidly and efficiently in an ever changing world economy
while at the same time ensuring effective and streamlined
communication within the senior management ranks.
One of the objectives of this organisational
structure is to develop closer ties with local clients;
have you noticed any improvement here?
Unofficially, the Americas Hub has existed for many years,
although it has been more focused on inter-company services
and less so on seeking optimal client relationships.
Notwithstanding some strong client relationships on the part
of both Divisional operations in the Americas, we now have
a platform that, inter alia, encourages and acts as a conduit
to assist in the expansion of commercial opportunities.