French reinsurer SCOR announced that it has finalized the sale of its subsidiary Investors Insurance Corporation (IIC) to Athene Holding Ltd., as initially announced on February 16, 2011.
SCOR said the sale, for $55 million, “is in line with the Group’s strategy to develop its Life reinsurance activities around biometric risks, as set out in the Group’s strategic plan for the period 2010-2013, “Strong Momentum”. The transaction is also freeing up significant regulatory and rating capital.”
Chairman & CEO Denis Kessler commented: “In accordance with the strategic orientations set out in its “Strong Momentum” plan, SCOR focuses its Life reinsurance activities on biometric risks, as confirmed by this divestiture and the recent acquisition of Transamerica Re’s mortality business, announced on 26 April 2011.”
The bulletin also noted that “as a result of the sale to Athene, no SCOR entity shall have any further obligations in respect of any insurance contracts issued by IIC before and through the closing.”
Source: SCOR
Topics USA
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