SCOR achieves a major milestone with Standard & Poor's upgrade to "AA-"
(Thomson Reuters ONE) -
Press Release
7 September 2015 - N° 24
Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon(at)scor.com
Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon(at)scor.com
www.scor.com
Twitter: (at)SCOR_SE
SCOR achieves a major milestone
with Standard & Poor's upgrade to "AA-"
Standard & Poor's (S&P) has upgraded SCOR's Insurer Financial Strength rating to
'AA- stable outlook' from 'A+ positive outlook' and raised the Group
counterparty credit ratings to 'AA-/A-1+' from 'A+/A-1'.
S&P notably mentions having taken into account the fact that "the Group has
demonstrated its very strong competitive position through resilience in pricing
and technical profitability in its P&C book and has reinforced its leading
position in the U.S. Life reinsurance market."
In addition, the rating agency also highlights the fact that "SCOR continues to
exhibit strong and stable earnings that should sustain extremely strong capital
adequacy through 2017."
In the current reinsurance market environment, S&P emphasises that the Group
"has successfully withstood pricing pressures in the buyer's market in the P&C
reinsurance industry", adding that SCOR "has also been able to defend its market
share in the consolidating reinsurance sector thanks to prudent risk management
and pricing discipline."
With regard to SCOR's franchise, S&P considers that "the Group's very strong
business risk profile is further supported by a leading market share in
significant markets in both the P&C and Life markets."
Denis Kessler, Chairman and CEO of SCOR, comments: "We are absolutely delighted
with this decision by S&P. The upgrade of our rating to AA- demonstrates the
pertinence of SCOR's business strategy, which continues to withstand the current
macroeconomic and market environment. This upgrade confirms SCOR as a Tier 1
global reinsurer. We are thus approaching the renewal period starting with the
Monte-Carlo rendez-vous under very good conditions, with our teams more
motivated than ever to provide our clients worldwide with first-class P&C and
Life reinsurance services".
The press release by Standard & Poor's can be accessed via their homepage:
http://www.standardandpoors.com
*
* *
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to SCOR's Document de référence filed with the AMF on 20 March
2015 under number D.15-0181 (the "Document de référence"), for a description of
certain important factors, risks and uncertainties that may affect the business
of the SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting". The Group's financial
information is prepared on the basis of IFRS and interpretations issued and
approved by the European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS 34 "Interim
Financial Reporting".
SCOR Press Release:
http://hugin.info/143549/R/1949993/708954.pdf
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GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Scor via GlobeNewswire
[HUG#1949993]
Unternehmensinformation / Kurzprofil:
Datum: 07.09.2015 - 12:46 Uhr
Sprache: Deutsch
News-ID 418296
Anzahl Zeichen: 6385
contact information:
Town:
Paris
Kategorie:
Business News
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