SCOR: A.M. Best provides further recognition of SCOR's financial strength
(Thomson Reuters ONE) -
Press Release
11 September 2015 - N° 26
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
A.M. Best provides further recognition of
SCOR's financial strength
A.M. Best has revised the outlook of SCOR and its main subsidiaries to
"positive" from "stable", as well as affirming the financial strength rating
(FSR) of "A" (Excellent) and the issuer credit ratings (ICR) of "a+". With
regard to SCOR's debt instruments, A.M. Best has also revised the outlook to
positive from stable and affirmed the issue ratings.
According to the rating agency, this decision reflects "the Group's track record
of solid earnings and stability in risk-adjusted capitalisation despite the
prevailing competitive market conditions".
A.M. Best also recognises that "SCOR has strengthened its competitive position
within the global reinsurance market", adding that the Group's "strong business
profile allows SCOR to effectively manage local and global reinsurance market
cycles, which should be particularly beneficial over the coming years as the
industry confronts an increasingly challenging operating environment."
The rating agency based its decision on SCOR's "consistently improving"
underwriting profitability, its "strengthened" risk-adjusted capitalisation,
"strong level of financial flexibility" and "excellent enterprise risk
management framework and conservative risk appetite [.]." Moreover, it
highlighted the Group's "sophisticated capital management tools, which are fully
integrated into the operational and strategic decision-making processes of the
group".
Denis Kessler, Chairman and CEO of SCOR, comments: "A.M Best's decisionis a new
illustration of the strengthened financial security that SCOR brings to its
clients, particularly in the current market environment. This positive outlook
reinforces the two recent upgrades received from Fitch Ratings and S&P*, and
confirms SCOR as a Tier 1 global reinsurer".
The A.M. Best press release is available on the agency's homepage at the
following address:
http://www.ambest.com.
* See press releases published by the Group on 21 July 2015 and 7 September
2015 respectively.
*
* *
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/1951312/709594.pdf
This announcement is distributed by GlobeNewswire on behalf of
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#1951312]
Unternehmensinformation / Kurzprofil:
Datum: 11.09.2015 - 16:32 Uhr
Sprache: Deutsch
News-ID 419544
Anzahl Zeichen: 6553
contact information:
Town:
Paris
Kategorie:
Business News
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