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SCOR: SCOR establishes reinsurance subsidiary in Moscow

^{Published on 2008-11-28 07:29:41 - Market Wire}
 

PARIS--(Marketwire - November 28, 2008) - On 27 November 2008, SCOR celebrated the 10th anniversary of the Group's presence in Moscow, celebrating the occasion with 400 clients and partners from the Russian and Commonwealth of Independent States (CIS) insurance industry.

The Group further decided to establish a fully-fledged composite subsidiary to continue to develop its Life and Non-Life activities in the region. SCOR deposited an application to obtain the respective licence to operate in 2009. The new status will enable the Group to further expand and deepen its franchise throughout the CIS markets.

Today SCOR is already one of the leading international reinsurance companies in the region. SCOR Moscow has been a major instrument for SCOR's development in the CIS, offering a wide range of high-level services to its clients. Outside of Russia, SCOR writes business in Ukraine, Kazakhstan, Georgia, Azerbaijan, Armenia, Belorussia, Tajikistan and Moldavia. The SCOR Group premium income from these countries (excluding the volume generated in Russia) represents about 40% of the company's overall premium income in the CIS region.

Currently in the entire CIS region, SCOR does business with roughly 100 cedants with two-thirds in a lead underwriting position. This strong market position was achieved through a dedicated team based in Moscow under the leadership of Dimitri Blagoutine, profiting from a deep understanding of the insurance markets in the region.

SCOR Chairman and CEO Denis Kessler comments: "For many years, SCOR has been developing its activities in Russia and the CIS region. The establishment of a fully-fledged subsidiary is further testimony to our strong commitment to these markets. Going forward we will not only continue to expand our Non-Life services by pooling our Specialty Line and Treaty expertise, but we will increasingly offer our comprehensive range of Life products."

Forward-looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n degrees809/2004 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 28 March 2008 under number D.08-0154 (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.

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