PARIS, Dec. 21, 2001 (PRIMEZONE) -- SCOR (NYSE:SCO):
At the Combined Ordinary and Extraordinary Joint Shareholders' Meeting, held today and chaired by Jacques Blondeau, all the resolutions submitted for approval were adopted.
Commenting on recent events, the Chairman indicated: "2001 has been a particularly difficult year for the whole industry, SCOR included. However, our initial estimate of the total net cost for SCOR of the World Trade Center terrorist attacks, i.e. USD 150 to 200 million, principally relating to our 10% participation in the coverage of the twin towers and our 5% share in the Port of New York Authority Non-Life coverage, is again confirmed."
The Chairman added: "2002 will be marked by a reduction in reinsurance supply: the capacity of the industry was reduced due to the September 11 events, and withdrawal of some players from the industry. The market will also be influenced by strong growth in demand in several business areas. The new positive cycle underway thus appears to be very strong and SCOR is particularly well positioned to take full advantage of it."
With 30 offices around the world, serving clients in over 150 countries, SCOR is France's largest reinsurer and one of the industry world leaders. Thanks to its ability to provide innovative technical and service support, the SCOR Group has built up a well balanced portfolio of Property and Casualty, Life, Accident & Health and Specialty reinsurance products and services. The Group's ratings, which include AA from Fitch, A+ (Superior) from AM Best and AA- from Standard & Poor's, reflect its financial strength and underwriting expertise. SCOR shares, which belong to the SBF 120, Bloomberg European Insurance, NEXT 150 and Dow Jones STOXX indexes, are listed in Paris and New York. SCOR has a widely diversified international shareholder base, with more than 30,000 shareholders in 55 countries.