Board/Management Information • Jun 30, 2009
Board/Management Information
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Press Release (p.1/2) 30 June 2009 N° 20 - 2009
For further information, please contact: Beat Werder +33 (0)1 46 98 71 39 Chief Communications Officer Marco Circelli +44 (0) 207 553 8106 Director for Investor Relations
The South African regulatory body for the insurance sector, the FSB, has granted SCOR SE a licence to conduct Life and Non-Life reinsurance business. The Group's representative office in Johannesburg has thus become a fully-fledged composite subsidiary of SCOR SE, called SCOR Africa Limited. This subsidiary's activities will cover Africa's English and Portuguese speaking markets as well as Mauritius.
Terry Ray has been appointed CEO of SCOR Africa, and Mohamed Motala will be the Managing Director for Non-Life business. The announcement of the Managing Director for Life business is expected to follow soon. Terry Ray previously worked at Mercantile & General before spending 17 years as Managing Director of the Benfield group's South African entity. Mohamed Motala was previously a Reinsurance Manager at ABSA Insurance Company Limited and a Client Manager at Swiss Re Africa.
Through its close proximity to the Group's Life and Non-Life clients, the South African subsidiary will enable SCOR to provide a more efficient range of services, in line with its policy of establishing a presence in local markets. The Life and Non-Life insurance market in South Africa has grown rapidly over the past few years and has one of the most dynamic penetration rates in the world. This increase in Life and Non-Life activity is notably due to South Africa's readmission to the global economy, to the expansion of the middle class and to significant spending on infrastructure.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "The opening of this subsidiary will enable SCOR to reinforce the Group's presence in South Africa and expand its regional portfolio, particularly with regard to innovative approaches to Life reinsurance products and in terms of sophisticated Non-Life Specialty treaties in the energy, building and construction and agricultural sectors".
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SCOR SE 1, av. du Général de Gaulle 92074 Paris La Défense Cdx France Tél + 33 (0) 1 46 98 70 00 Fax + 33 (0) 1 47 67 04 09 www.scor.com RCS Nanterre B 562 033 357 Siret 562 033 357 00020 Société Européenne au Capital de 1 450 523 984,67 euros
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 SCOR's document de référence filed with the AMF on 5 March 2009 under number D.09- 0099 (the "Document de Référence"), 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.
SCOR SE 1, av. du Général de Gaulle 92074 Paris La Défense Cdx France Tél + 33 (0) 1 46 98 70 00 Fax + 33 (0) 1 47 67 04 09 www.scor.com RCS Nanterre B 562 033 357 Siret 562 033 357 00020 Société Européenne au Capital de 1 450 523 984,67 euros
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