SCOR Welcomes Sompo Japan Nippokoa Share Purchase; No Changes Seen

In a brief announcement French reinsurer SCOR acknowledged that it has been “informed of the signing of a purchase agreement by Sompo Japan Nipponkoa Holdings, Inc.” The Japanese insurer is acquiring the “entire holding of Patinex AG in SCOR (i.e. 7.8 percent of SCOR’s capital and 8.1 percent of its voting rights).”

SCOR added: “SOMPO has declared that it wishes to increase this holding to 15 percent, subject to the receipt of the required regulatory approvals,” and that SCOR was not a party in this transaction.

The bulletin also thanked “Martin Ebner and Patinex AG for their active support of the SCOR group since the 2007 combination of SCOR and Converium, and for their contribution to the Group’s development.

“SCOR, an independent company, welcomes SOMPO as a long-term shareholder with the same rights and duties as all its shareholders.”

In conclusion SCOR said: “This holding has no impact on the strategic development of SCOR, which actively continues to implement its strategic plan ‘Optimal Dynamics’, or on its corporate governance or management. SCOR will continue to serve all of its clients, in Japan and throughout the world, with the same level of professionalism, integrity and rigor that are the core of the Group’s values.

Source: SCOR Group