Press Release
23 June 2014
For more information, please contact:
Géraldine Fontaine +33 (0) 1 58 44 75 58
Communications
Antonio Moretti +33 (0) 1 58 44 77 15
Investor Relations Director
SCOR strengthens its organisational structure with the creation of a combined Cologne-Zurich Hub
SCOR has launched the creation of a new Hub by combining the existing Cologne and Zurich Hubs, to further strengthen its organisational structure in Europe.
The new Cologne-Zurich Hub will maintain the existing two locations of Cologne and Zurich, under a single management team. This move creates a simpler, de-layered management structure and improves the efficiency of the operating structure, providing further support to SCOR's client offering. The combined Hub will be one of the SCOR group's top three Hubs in terms of business generation and resources.
The new Hub will be effective as of 1 October 2014 and is expected to be fully completed in the first quarter of 2015. It will be headed by Bernd Langer, currently Chief Risk Officer of SCOR Global P&C, with Mark von Harpke, currently CEO of the Cologne Hub, acting as Deputy CEO. Christian Felderer, currently Zurich Hub CEO and SGP&C General Counsel, who has led the project, will be retiring at the end of September.
The SCOR Hub Network will henceforth comprise the Americas Hub, the London Hub, the Singapore Hub, the Paris Hub and the new Cologne-Zurich Hub.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "The creation of this new combined Hub is a significant step in the continued execution of SCOR's strategic plan "Optimal Dynamics", particularly in terms of further strengthening the Group's operational excellence. The larger, more efficient structure will reinforce the Group's franchise in Europe, along with its position as a top-tier global reinsurer."
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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 SCOR's Document de référence filed with the AMF on 05 March 2014 under number D. 14-0117 (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".
