SCOR welcomes A.M. Best’s decision to confirm its Financial Strength Rating of ‘A+ Superior’ and its Issuer Credit Rat...
28 Septembre 2020 - 8:21AM
SCOR welcomes A.M. Best’s decision to confirm its Financial
Strength Rating of ‘A+ Superior’ and its Issuer Credit Rating of
‘aa-’
Press ReleaseSeptember 28, 2020 - N° 21
SCOR welcomes A.M. Best’s decision
to confirm its
Financial Strength Rating of ‘A+
Superior’and its Issuer Credit Rating of
‘aa-’
A.M. Best has decided to affirm SCOR’s Financial
Strength Rating of ‘A+ (Superior)’ and its Long-Term Issuer Credit
Rating of ‘aa-’.
According to A.M. Best, this decision reflects
“SCOR’s balance sheet strength, which A.M. Best categorises as very
strong, as well as its strong operating performance, very
favourable business profile and very strong enterprise risk
management.”
Indeed, A.M. Best recognises that “SCOR’s
balance sheet strength is underpinned by risk-adjusted
capitalisation that exceeds the level required to support the
strongest assessment, as measured by Best’s Capital Adequacy
Ratio.” A.M. Best expects “risk-adjusted capitalisation to be
maintained at the strongest level prospectively, supported by
SCOR’s conservative investment portfolio and robust retrocession
programme designed to shield its capital base.”
The agency concludes that “SCOR is a top tier
global reinsurer”. With its “internationally recognised franchise
[…] SCOR is well-positioned to benefit from improving
property/casualty reinsurance market conditions and positive
pricing momentum.”
Denis Kessler, Chairman & Chief
Executive Officer of SCOR, comments: “We welcome A.M.
Best’s decision to affirm SCOR’s ratings. This decision further
testifies to the soundness of our strategy as a Tier 1 global
reinsurer and the resilience of our business model to shocks. We
are entering the renewal season with confidence. SCOR is well
positioned to accelerate its growth in a supportive market
environment, benefiting from positive pricing dynamics and
improving terms and conditions in P&C reinsurance, while
consolidating its position in the top tier of the Life reinsurance
market.”
The A.M. Best press release is available on the agency’s
homepage at the following address: http://www.ambest.com.
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Contact details
Media+33 (0)1 58 44 76 62media@scor.com
Investor RelationsIan
Kelly+44 (0)203 207 8561ikelly@scor.com
www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in
the sense of Article 2 of (EC) Regulation n°809/2004 of the
European Commission. Thus, any forward-looking statements contained
in this communication should not be held as corresponding to such
profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to
statements that are predictions of or indicate future events,
trends, plans or objectives, based on certain assumptions and
include any statement which does not directly relate to a
historical fact or current fact. Forward-looking statements are
typically identified by words or phrases such as, without
limitation, "anticipate", "assume", "believe", "continue",
"estimate", "expect", "foresee", "intend", "may increase" and "may
fluctuate" and similar expressions or by future or conditional
verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements,
because, by their nature, they are subject to known and unknown
risks, uncertainties and other factors, which may cause actual
results, on the one hand, to differ from any results expressed or
implied by the present communication, on the other hand.
Please refer to the 2019 Universal Registration
Document filed on March 13, 2020, under number D.20-0127 with the
French Autorité des marchés financiers (AMF) posted on SCOR’s
website www.scor.com (the “Document d’enregistrement universel”),
for a description of certain important factors, risks and
uncertainties that may affect the business of the SCOR Group. As a
result of the extreme and unprecedented volatility and disruption
of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including
movements in interest rates, credit spreads, equity prices, and
currency movements, changes in rating agency policies or practices,
and the lowering or loss of financial strength or other
ratings.
The Group’s financial information is prepared on
the basis of IFRS and interpretations issued and approved by the
European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS
34 “Interim Financial Reporting”.
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