PARIS, Sept. 12, 2001 (PRIMEZONE) -- SCOR Group (NYSE:SCO) would firstly like to express its sympathy to the staff of those companies present in the World Trade Center, to their families and friends and to all concerned by the tragedies that occurred yesterday in the USA.
In the hours that followed this tragedy, SCOR concentrated on the evacuation and safety of its staff. 120 persons of our American subsidiary in New York occupied the 23rd and the 24th floors of the No. 2 Tower (South Tower).
The transfer to Chicago of our electronic data processing systems and the relocation of our staff to our offices located at 199 Water Street will enable our New York activities to be restored within the next few days. As of yesterday, our American clients were informed of our new organization.
The cost of this loss, exceptional both in nature and in scale, is estimated at between USD 150 to 200 million for SCOR, net of retrocession cover and protections. This first estimate does not take into account the possible recoveries which could diminish the overall cost for SCOR.
This unprecedented tragedy will have no impact on the financial strength of our Group or on our underwriting capacity.
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, Frankfurt and New York. SCOR has a widely diversified international shareholder base, with more than 30,000 shareholders in 55 countries.
All press releases, publications and financial information on the SCOR Group are available on our website, www.scor.com.
CONFERENCE CALL INVITATION
Wednesday September 12, 2001
6:00 p.m. (C.E.T.), 5:00 p.m. (G.M.T.), 12:00 a.m. (E.S.T.)
The General Management of SCOR will report on the American terror
attacks of September 11, 2001, today, Wednesday September 12, 2001
via a conference call in English language.
You are invited to attend this conference, by dialling the number
closest to your country of residence.
UK and Europe call-in numbers:
The direct dial-in number, to be called 10 minutes prior to the
conference call is:
+44 (0) 20 87 81 05 96
or, if the previous number is already engaged:
+44 (0) 20 87 81 05 98
You will firstly be asked by an operator to indicate which meeting
you wish to attend, you should then quote: "SCOR conference call".
A replay will be available until October 1st, 2001 by dialling:
+ 44 (0) 20 8288 4459, and using access code: 613 232
USA, Canada call-in numbers:
The direct dial-in number, to be called 10 minutes prior to the
conference call is:
+1 800 434 7910 (toll-free number)
or, if the previous number is already engaged:
+1 334 323 4002
You will firstly be asked by an operator to indicate which meeting
you wish to attend, you should then quote: "SCOR conference call".
A replay will be available until October 1st, 2001 by dialling:
+ 1 703 736 7336, or + 1 800 495 0250, and using access code: 613 232
We look forward to your participation.
Yours sincerely,
JACQUES BLONDEAU
Chairman and Chief Executive Officer