4.4 Legal risk - Scor

10 CAPITAL RESOURCES
10.1 Capital
Refer to Section 20.1.5 – Consolidated statement of changes in shareholders’ equity and Section 20.1.6 – Notes to the
consolidated financial statements, Note 13 – Information on share capital, shareholders’ equity and capital management and
Section 20.1.6 – Note to the consolidated financial statements, Note 12 – Cash and cash equivalents and cash flows.
On 17 December 2010, SCOR entered into a Contingent Capital arrangement with UBS, as described in Section 20.1.6 –
Notes to the consolidated financial statements, Note 13 – Information on share capital, shareholders’ equity and capital
management.
Further to the drawdown, announced on 5 July 2011, by SCOR of EUR 75 million on the contingent capital facility placed at
its disposal by UBS, UBS exercised the number of warrants required for the issuance and subscription by it of new SCOR
shares in an aggregate amount of EUR 75 million. Accordingly, SCOR issued 4,250,962 new ordinary shares on 11 July
2011, at an issuance price of EUR 17.643 per share.
On 2 February 2011, SCOR issued CHF 400 million perpetual subordinated notes placement. On 11 May 2011, the
placement was increased by CHF 250 million, as described in Section 20.1.6 – Notes to the consolidated financial
statements, Note 14 – Financial debt.
On 16 May 2012, SCOR extended the cover level provided by its existing contingent capital facility by EUR 75 million with
UBS, as described in Section 20.1.6 – Notes to the consolidated financial statements, Note 13 - Information on share
capital, shareholders' equity and capital management.
On 27 September 2012, SCOR re-purchased the entire tranche of its EUR 50 million perpetual subordinated Notes, as
described in Section 20.1.6 – Notes to the consolidated financial statements, Note 14 – Financial debt.
On 8 October 2012, SCOR issued CHF 315 million perpetual subordinated notes placement, as described in Section 20.1.6
– Notes to the consolidated financial statements, Note 14 – Financial debt.
10.2 Cash flow
Refer to Section 20.1.4 – Consolidated statements of cash flows and Section 20.1.6. - Notes to the consolidated financial
statements, Note 2 – Segment information for an analysis of principal cash flow statement items.
10.3 Borrowing conditions and financing structure
Refer to Section 20.1.6 – Notes to the consolidated financial statements, Note 8 – Derivative instruments
Refer to Section 20.1.6 – Notes to the consolidated financial statements, Note 12 – Cash and cash equivalents for
information on the Group’s cash positions.
Refer to Section 20.1.6 – Notes to the consolidated financial Statements, Note 14 - Financial debts for a description of the
financial debts of the Group.
Refer to Section 19 – Related party transactions
MAJOR CREDIT FACILITIES OF THE GROUP
The Group has been granted a credit facility in order to finance SCOR SE’s general corporate purposes, consisting into an
overdraft credit facility in a maximum principal amount of EUR 150 million. The Group has also been granted credit facilities
from several companies of the banking sector to guarantee the reinsurance activities of various subsidiaries for a global
issued amount of USD 3.293 billion as at 31 December 2012. These last credit facilities are stand-by letters of credit that the
banking counterparty agree to issue in the form acceptable to the American National Association of Insurance
Commissioners (NAIC) or other appropriate regulatory body. A portion of those credit facilities is collateralized.
SUBORDINATED DEBT
On 10 September 2012, SCOR placed on the Swiss franc market perpetual subordinated notes, with a first call date in
October 2018, for an aggregate total amount of CHF 250 million. On 24 September 2012, SCOR extended its placement by
issuing an additional amount of CHF 65 million. The settlement of the notes of total CHF 315 million took place on 8 October
2012 (refer to Section 10.1). Refer to Section 20.1.6 – Notes to the consolidated financial Statements, Note 14 – Financial
debts for a description of the subordinated loans and bonds issued by SCOR, including any reimbursements and conversion
explanation that occurred during the year.
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