PARIS -- 02/05/08 --
The SCOR group was informed today that it
has received final approval to start operating a Property and
Casualty branch in China. The endorsement of SCOR's request to set
up a nationwide non-life reinsurance operation by the China
Insurance Regulatory Commission (CIRC) will enable SCOR to further
accentuate its strong commitment to this fast-growing insurance
market. The SCOR SE Beijing Branch will be headed by General
Manager Ms Min Wu.
Denis Kessler, Chairman and CEO of SCOR, comments: "SCOR has been
present in China for over 35 years. With today's green light to
start a fully operational Chinese branch office, SCOR is now in a
position to further benefit from the high growth rate of the
Chinese reinsurance market. The official branch office status will
allow our dedicated team of local experts, supported by the
resources of the entire Group, to reinforce the Group's
reinsurance business activities and provide both SCOR and the
Chinese market with a higher level of mutually beneficial
opportunities."
The SCOR group opened a representative office in Beijing in 2000
and obtained the CIRC's approval to apply for the establishment of
a non-life reinsurance branch in October 2006. SCOR's local
presence has enabled it to maintain close contacts with the
Chinese market, establishing treaty and facultative business
relationships with a growing number of domestic insurance and
reinsurance companies.
Through its wide range of training programs, SCOR has
traditionally also taken a very active role in the development of
local insurance and reinsurance expertise and awareness. Since its
creation in 2000, the Beijing office has organized more than 20
technical seminars and workshops.
Bearing witness to its established position in the region, SCOR
was named "General Reinsurer of the Year in Asia" at the 2007 Asia
Insurance Industry Awards, organized by the Asia Insurance Review
and The Review.
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of
Article 2 of (EC) Regulation n degrees809/2004 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
April 10, 2007 under number D.07-0294 (as updated by the seconde
note complémentaire registered with the AMF on June 12, 2007 under
registration number 07-183, the "Document de Référence"), for a
description of certain important factors, risks and uncertainties
that may affect the business of the SCOR Group, and to SCOR's
prospectus d'admission registered with the AMF on April 10, 2007
under registration number 07-0115, as updated by the first note
complémentaire registered with the AMF on April 23, 2007 under
registration number 07-0131 and the seconde note complémentaire
registered with the AMF on June 12, 2007 under registration number
07-183, for a description of certain important risks and
uncertainties that relate to the Offer for and combination with
Converium.
This information is provided by HUGIN
For further information, please contact:
Beat Werder
+33 (0)1 46 98 71 39
Chief Communications Officer
Marco Circelli
+33 (0)1 46 98 72 17
Head of Investor Relations
