Latest SCOR SE Headlines
All the headlines from our SCOR SE Topic Page, ordered by recency.
SCOR Takes Over; S&P Rating Actions
Sep 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...
SCOR 1H Net up 77% to $247 Million
Aug 31 2007 // France’s SCOR Group posted impressive gains for the first half of 2007, with net income after tax of €181 million ($247 million), a 77 percent increase over the same period last year. Gross premiums written for the...
SCOR’s 1H Gross Written Premiums up 55% to $2.86 Billion
Aug 22 2007 // France’s SCOR Group has turned in a good first half performance, even before absorbing Swiss reinsurer Converium AG. The reinsurer announced that gross written premiums for the first half of 2007 rose to €2.124...
Best Affirms SCOR Ratings; Upgrades Converium; Off Review
Aug 22 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit rating (ICR) of “a-” of France’s SCOR Group and its rated subsidiaries. Best also...
SCOR/Converium Merger Pact Final Settlement; Share Issue
Aug 9 2007 // France’s SCOR Group announced that it has effectively concluded its share purchase/merger deal with Swiss-based Converium Holding AG. As of the close of its tender offer on July 26, 2007, SCOR had received 15,032,037...
SCOR Officially Opens Converium Offer
Jun 13 2007 // France’s SCOR Group announced the official opening of its public tender offer for all of the publicly held registered shares of Converium Holding Ltd. The somewhat delayed offer – due to the time required to...
SCOR Q1 Net Tops $100 Million
May 25 2007 // France’s SCOR Group may be complaining about the recently negotiated WTC settlement (See related article in National), but it certainly isn’t complaining about the French reinsurer’s first quarter...
SCOR Balks at World Trade Center Claims Settlement
May 24 2007 // Reinsurer SCOR has asked that the recent $2 billion settlement of World Trade Center claims between Silverstein Properties and several insurers be sent to arbitration because it believes that the terms with one of the...
Best Puts SCOR, Converium Ratings Under Review- Negative & Positive
May 15 2007 // A.M. Best Co. has placed the financial strength rating (FSR) of “A-” (Excellent) and the issuer credit ratings (ICR) of “a-” of France’s SCOR Group and its rated subsidiaries under review with...
S&P Sees No Changes in SCOR or Converium Ratings from Takeover
May 11 2007 // In two separate announcements Standard & Poor’s Ratings Services said it doesn’t contemplate making any changes in its ratings on Converium AG or France’s SCOR Group, following the announcement that...
SCOR and Converium Reach Friendly Merger Agreement
May 10 2007 // Somebody at SCOR must have seen “The Godfather” recently, as the French reinsurer finally made Converium an offer it couldn’t refuse. After nearly three months of wrangling and battling press releases the...
Converium Triples Q1 Operating Net
Apr 19 2007 // The announcements from Converium have featured a lot of three’s lately. The Swiss reinsurer’s latest bulletin notes that it “triples income from continuing operations in the first quarter of 2007.”...
Converium Sues SCOR in U.S. Court for Securities Law Violations
Apr 17 2007 // Converium’s management fired another salvo in its ongoing battle to prevent a takeover by France’s SCOR Group (See IJ web site April 16). The Swiss-based reinsurer has filed a lawsuit in the U.s. Court for the...
Converium Management Urges Shareholders to Reject SCOR Offer
Apr 16 2007 // The management of Swiss-based reinsurer Converium issued a bulletin urging its shareholders to reject the offer by France’s SCOR Group, which has already acquired a 32.9 percent stake in Converium (See IJ web site...
SCOR Profits Soar to $338 Million
Apr 6 2007 // France’s SCOR Group announced a 92 percent increase in net income for 2006 to €252 million ($338 million) before, what the report termed, “badwill” linked to the acquisition of Revios. Essentially the...
Converium Warns Shareholders of ‘False Conclusions’ from SCOR
Apr 6 2007 // Almost concurrently with the announcement of SCOR’s greatly improved 2006 results (See above article), Swiss-based Converium issued a bulletin, which indicated the presentation “included information which could...
Converium Says 14% ROE Proves SCOR Offer Too Low
Mar 21 2007 // Swiss-based Converium confirmed it has achieved its medium-term ROE target of 14 percent, which, it also said highlights the “under valuation of the current SCOR offer” (See IJ web site March...
Business Moves
Mar 12 2007 // Royal Sun, Arrowpoint Capital Delaware Insurance Commissioner Matthew Denn conditionally approved a management buyout of Royal and Sun Alliance Insurance Group’s U.S. operations. Denn ruled that there is no legal or...
SCOR Makes Hostile Bid for Converium; Offer Rejected
Feb 27 2007 // France’s SCOR Group opened a new front in its bid to acquire Swiss-based reinsurer Converium (See IJ web site Feb.19). SCOR followed its acquisition of 32.9 percent of Converium’s shares with a hostile offer to...
Best Comments on SCOR/Converium
Feb 22 2007 // In separate bulletins A.M. Best Co. stated its position on the ratings of France’s SCOR Group and Converium AG following the announcement that SCOR was seeking to take over the Swiss-based reinsurer (See IJ web site...
