Paris-based SCOR Group, whose American subsidiary occupied Floors 23-24 in the South Tower of the World Trade Center, issued the following statement: “SCOR Group would firstly like to express its sympathy to the staff of those companies present in the World Trade Center, to their families and friends and to all concerned by the tragedies that occurred yesterday in the USA.
“In the hours that followed this tragedy, SCOR concentrated on the evacuation and safety of its staff–120 persons of our American subsidiary in New York occupied the 23rd and the 24th floors of the No. 2 Tower (South Tower).
“The transfer to Chicago of our electronic data processing systems and the relocation of our staff to our offices located at 199 Water Street will enable our New York activities to be restored within the next few days. As of yesterday, our American clients were informed of our new organization.
“The cost of this loss, exceptional both in nature and in scale, is estimated at between USD 150 to 200 million for SCOR, net of retrocession cover and protections. This first estimate does not take into account the possible recoveries that could diminish the overall cost for SCOR. This unprecedented tragedy will have no impact on the financial strength of our Group or on our underwriting capacity.”
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