PARIS, Jan. 3, 2002 (PRIMEZONE) -- SCOR Group (NYSE:SCO) today announced that it has placed in the capital market, a second multi-year reinsurance protection of USD 150 million intended to cover claims linked to natural catastrophe events from January 1, 2002.
The cover was placed through Atlas Re II a special purpose vehicle incorporated in Ireland, to protect SCOR for a period of three years against the occurrence of earthquakes in California and Japan, and windstorms in Northern Europe.
Atlas Re II complements the USD 100 million per event cover of Atlas Re, which already protects SCOR against the occurrence of a first event of the same nature. Atlas Re II provides coverage for a second or third event during a given year, with a USD 100 million per event limit and a USD 150 million limit over three years.
Goldman Sachs acted as sole Manager & Bookrunner in this placement.
This protection enhances SCOR's underwriting capabilities and optimizes its management of catastrophe risks; the funded structure also achieves maximum financial security.
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.