SCOR estimates the cost of the Harvey, Irma and Maria hurricanes and the Mexico earthquakes at EUR 430 million after retrocession and tax
(Thomson Reuters ONE) -
Press Release
9 October 2017 - N° 28
SCOR estimates the cost of the Harvey, Irma
and Maria hurricanes and the Mexico earthquakes
at EUR 430 million after retrocession and tax
Based on its own data and modelling tools, SCOR currently estimates that the
total private insured market loss for the combined Harvey-Irma-Maria hurricanes
and Mexico earthquakes should reach USD 95 billion.
SCOR estimates the cost of these events at EUR 430 million net of retrocession
and tax for the third quarter of 2017.
This estimate is based on an analysis of the Group's exposures, the current
assumption of total insured losses, and preliminary information received from
certain cedants to date. Given the nature, magnitude and very recent occurrence
of these events, and the limited claims information received to date, there
remains a material degree of uncertaintyregarding this estimate.
As indicated in the press release dated September 26, 2017, at this stage the
Group's solvency position remains strong and in the upper half of the optimal
solvency range, the dividend policy remains unchanged and the share buyback
program is maintained. SCOR confirms the "Vision in Action" targets, and
furthermore the Group does not expect its financial ratings to be affected.
Moreover, the likelihood of the Contingent Capital facility being triggered in
2017 is extremely remote.
*
* *
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
This publication is an ad hoc disclosure pursuant to article 17 of the
Regulation (EU) n°596/2014 of 16 April 2014.
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/2140338/819588.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: 09.10.2017 - 07:57 Uhr
Sprache: Deutsch
News-ID 562855
Anzahl Zeichen: 5407
contact information:
Town:
Paris
Kategorie:
Business News
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