SCOR SE 
By Press Release
06 January 2014
For more information, please contact:
Géraldine Fontaine +33 (0) 1 58 44 75 58
Communications and Public Affairs
Antonio Moretti +33 (0) 1 58 44 77 15
Investor Relations Director
SCOR launches a new fully collateralized
sidecar, Atlas X Reinsurance Limited
SCOR has successfully placed a fully collateralized sidecar, Atlas X Reinsurance Limited (Atlas X), which will provide the Group with an additional three-year capacity of USD 55.5 million from a new panel of investors. This is in line with SCOR's policy of pooling in its capital shield all the available capital protection tools, as set out in its new strategic plan "Optimal Dynamics".
Atlas X is an Irish-domiciled special purpose reinsurance vehicle. Atlas X and SCOR Global P&C have entered into a quota share retrocession agreement, effective 1 January 2014, under which Atlas X will reinsure a proportional share of SCOR's diversified property catastrophe portfolios in specific countries.
The protection of its capital constitutes a strategic axis for the Group and capital market solutions have been regularly used for it, with fourteen transactions completed to date.
Victor Peignet, CEO of SCOR Global P&C, comments: "I am pleased with the successful take-up of our sidecar offering. This demonstrates SCOR's access to financial markets and the faith of investors in SCOR's underwriting abilities. Whilst we are no stranger to the collateralised reinsurance market, this is the first time we have arranged a cat-specific protection via a quota share sidecar solution. It marks an important step in adding new long-term partners to our reservoir of cat capacity, as set out in "Optimal Dynamics"".
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "SCOR is a leader in using alternative capital to protect its balance sheet. It is only natural that we should add a sidecar to our other innovative protections. A "Robust Capital Shield" is one of SCOR's four cornerstones and this transaction demonstrates the importance we place on making that shield comprehensive and diversified."
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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 6 March 2013 under number D.13-0106 (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".
http://hugin.info/143549/R/1752657/590962.pdf
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scor via Globenewswire
