Following today’s decision by the SCOR Board of Directors, SCOR will become the first French listed company (SCOR SA) to adopt the status of Societas Europaea.  This creation of a Societas Europaea will take place by ways of transformation.  SCOR Vie, its operating life reinsurance subsidiary, will also adopt Societas Europaea status by means of transformation.

The transformation projects of SCOR SA and SCOR Vie will be submitted on 5 July 2006.

 

Furthermore, on 3 July 2006 SCOR Global P&C submitted a cross-border merger treaty to the Nanterre Commercial Court registry. SCOR Global P&C will thus become the first company in France to adopt the status of Societas Europaea through the absorption of its German and Italian subsidiaries. It will also become the first company in Europe to complete a tripartite transaction of this kind involving three different jurisdictions.

 

The new statutes of the three companies will come into affect once the extraordinary general meetings of each company have given their approval, and once each company has been registered as a Societas Europaea with the Nanterre Commercial and Companies Registry.

 

Societas Europaea status will in particular enable the SCOR group to strengthen its multinational and European identity, to facilitate its acquisition transactions in Europe, to improve its financial flexibility and also to increase its flexibility with regard to capital allocation.

 

The SCOR group hereby affirms its European outlook and the repositioning of its business on the European and Asian markets. The Group is demonstrating its desire to be a company with European roots and global reach.