France’s SCOR Group, the world’s seventh largest reinsurer, announced the successful completion of its capital raising initiative, launched on December 9, 2003.
The company sold 682,724,225 new shares, raising 751 million euros ($955 million). The offering was strictly confined to Europe, as the securities were neither registered nor offered for sale in the U.S., Canada, Japan or Australia.
The total number of SCOR’s issued shares currently stands at 819,269,070 The Group’s largest shareholder, French insurer Groupama, holds a 21.4 stake in the company.
The fifteen shareholders which had undertaken to participate in the transaction and which together represented 35.4% of the share capital will hold 38.8% of the share capital as of Jan 7, 2004, the settlement date.
SCOR Chairman and CEO Denis Kessler stated: “On behalf of the SCOR Group, I would like to thank all of our shareholders, existing and new, for their participation in the offering and for the support which they have shown to our Company. Please be assured that management and all colleagues of the Group are dedicating their efforts to the restoration of the profitability of the company and to the return to value creation.
“The strengthening of shareholders’ equity will allow SCOR to forge ahead with its strategy, which is to be a mid-sized reinsurer with a global scope, operating selectively in all reinsurance classes, pursuing a profit-driven underwriting policy, providing value-added services, and following a policy of conservative asset management, in order to offer its customers the level of security they expect it to provide.”
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