SCOR Takes Over; S&P Rating Actions

September 10, 2007

France’s SCOR Group lost no time in taking over operations at newly-acquired Swiss reinsurer Converium AG, and putting its own people in top management positions.

Converium’s former executives, including Chairman Markus Dennler and CEO Inga Beale, stepped down. A new board (all but two of whom are French) was elected in their place, as follows:
— Denis Kessler – SCOR Chairman and CEO since November 4, 2002.
— Jean-Luc Besson – SCOR’s Chief Risk Officer since July 1, 2004.
— Victor Peignet CEO of SCOR GLOBAL P&C – Worldwide since July 5, 2005.
— Gilles Meyer (- Director of Business Unit 1 of SCOR Global Life since November 23, 2006
— Georges Chodron de Courcel – Head of Corporate Investment Banking at BNP Paribas and non-voting member of the Board of SCOR.
— Jürg Marty (a Swiss citizen), Managing Director for all common activities of the Swiss Public Building Insurance Companies, especially CEO of the Intercantonal Union of Reinsurance and CEO of the Swiss Pool for Earthquake Cover.
— J. Friedrich Sauerländer (a Swiss citizen), serving as Chairman or Member of the Board of a number of companies and foundations.

Dennler commented: “With the takeover of Converium by SCOR, a successful Swiss company, is losing its independence. Converium is heading to its new owner as a healthy company.”

Standard & Poor’s Ratings Services did some housekeeping following the completion of the merger. The rating agency affirmed its insurer financial strength ratings on three SCOR group entities: SCOR Global Life Rueckversicherung AG, SCOR Italia Riassicurazioni SpA, and SCOR Deutschland Ruckversicherungs AG – all with a stable outlook – and then withdrew the ratings.

“The withdrawal follows the legal merger of these operating companies with equivalently rated affiliated members of the SCOR group,” S&P explained. “SCOR Global Life Rueckversicherung AG was merged into SCOR Global Life SE (A-/Stable), and the other two entities have been merged into SCOR Global P&C SE (A-/Stable). The merger of these entities is part of SCOR’s ongoing initiative to streamline its legal structure.”

Source: SCOR – www.scor.com; S&P

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