A.M. Best upgrades SCOR's Financial Strength Rating to 'A+' and its Issuer Credit Rating to 'aa-'
(Thomson Reuters ONE) -
Press Release
1 September 2017 - N° 21
A.M. Best upgrades
SCOR's Financial Strength Rating to 'A+'
and its Issuer Credit Rating to 'aa-'
A.M. Best has upgraded SCOR's Financial Strength Rating to 'A+ (Superior)' from
'A (Excellent)' and raised its Issuer Credit Rating to 'aa-' from 'a+'.
According to A.M. Best, this decision reflects "SCOR's track record of strong
and resilient operating profitability and its very strong risk-adjusted
capitalisation, despite persisting challenging market conditions.", adding that
"the ratings also reflect SCOR's excellent business profile as a tier 1
reinsurer, its well-diversified portfolio of non-life and life reinsurance, and
the group's excellent enterprise risk management (ERM) framework."
A.M. Best also recognizes that "SCOR's business model and conservative risk
appetite relative to reinsurance peers support low volatility in both earnings
and capital adequacy", adding that "further underpinning the group's stability
of both earnings and risk-adjusted capitalisation is its excellent ERM
framework', which "incorporates sophisticated capital management tools, which
are fully integrated into the operational and strategic decision-making
processes of the group."
A.M. Best based its decision on SCOR's "excellent business profile as a tier 1
global reinsurer, which has enabled the group to develop a diversified portfolio
which is well-balanced between life and non-life" and "enables SCOR to
effectively manage local and global market cycles, which has become increasingly
beneficial considering the persisting challenging market conditions of the
global reinsurance sector."
Denis Kessler, Chairman and CEO of SCOR, comments: "We are absolutely delighted
with this decision by A.M. Best to upgrade our rating to 'A+'. We are very happy
that A.M. Best recognizes the superiority of SCOR's business model, which is
characterized in particular by high diversification, optimal solvency, active
risk management and prudent asset management. This decision by A.M. Best follows
the upgrades of our rating to 'AA-' by S&P and Fitch in 2015 and to 'Aa3' by
Moody's in 2016. We are approaching the renewal period with excellent momentum.
All our teams are mobilized to provide our clients worldwide with first-class
P&C and Life reinsurance services, supported by a high level of solvency".
The A.M. Best press release is available on the agency's homepage at the
following address:
http://www.ambest.com.
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
mbouchon(at)scor.com
Ian Kelly
Head of Investor Relations
+44 203 207 8561
ikelly(at)scor.com
http://www.scor.com/
Twitter: (at)SCOR_SE
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 the 2016 reference document filed on 3 March 2017 under number
D.17-0123 with the French Autorité des marchés financiers (AMF) posted on SCOR's
website www.scor.com (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".
SCOR Press release:
http://hugin.info/143549/R/2131054/814196.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SCOR via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 01.09.2017 - 18:06 Uhr
Sprache: Deutsch
News-ID 558559
Anzahl Zeichen: 6602
contact information:
Town:
Paris
Kategorie:
Business News
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"A.M. Best upgrades SCOR's Financial Strength Rating to 'A+' and its Issuer Credit Rating to 'aa-'"
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