PARIS, April 2, 2002 (PRIMEZONE) -- SCOR (NYSE:SCO) has sold its entire stake in COFACE to NATEXIS-BANQUES POPULAIRES for a price of EUR 62 per share, subject to the relevant regulatory approvals.
The disposal will:
-- yield a profit of approximately EUR 96 million and increase Group shareholders' equity accordingly. In accounting terms, the capital gain will be partially offset in the income statement by reclassifying depreciations of assets already recognized in the 2001 balance sheet,
-- release, in terms of Risk Based Capital, an equivalent amount of EUR 180 million of shareholders' equity which will be redeployed to the reinsurance activity which has prospects of superior returns for the coming years,
-- provide the Group with an additional EUR 290 million in liquidity.
Jacques Blondeau, Chairman & CEO, stated: "We are extremely delighted with this transaction. It will enable COFACE -- a group we have been shareowners of for almost ten years -- to pursue its growth in partnership with a leading financial group. At the same time it will provide SCOR with additional resources for its expansion, notably strengthening its shareholders' equity, at a time of strong recovery in the reinsurance markets."
With 30 offices around the world, serving clients in more than 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 (Excellent) from AM Best and A+ 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 20,000 shareholders in 64 countries.