January 03, 2008 13:25 ET

SCOR Opens Representative Office in South Africa

PARIS--(Marketwire - January 3, 2008) - The SCOR Group has opened a representative office in South Africa. The creation of this office in Johannesburg forms part of SCOR's strategic development plans for the English and Portuguese speaking markets on the African continent.

In keeping with its policy of establishing a presence in the markets where it conducts business, the Group is aiming to provide a local office that will offer regional clients a direct contact and the coordination necessary for easier and more effective access to its global reinsurance services in the Non-Life and Life sectors.

The SCOR Group believes that the South African insurance market will continue to expand and wishes to actively contribute to this expansion, not only by providing reinsurance capacity but also by offering its expertise in the areas of risk analysis and support in the marketing of new products, in particular with specialty lines.

According to Victor Peignet, Chief Executive Officer SCOR Global P&C, "The Group's objective is to reinforce its ties with the South African market in order to enlarge its client base and solidify and diversify its regional portfolio in South Africa and other English and Portuguese speaking markets in Africa. It is our clear desire to be an important reinsurance player in these markets, with the abiding goal of operating as a long-term partner for our clients."

With its presence in Johannesburg, SCOR also wishes to create a regional platform to support market developments in countries such as Angola or Nigeria with which it has long maintained relations, in particular through its activities in the oil and mining industries.

M. Mohamed Motala has been appointed Manager of the new representative office. He holds an MBA from the University of Pretoria. He previously served as director of reinsurance at ABSA Insurance Company Limited and client manager for Swiss Re Africa. His experience in the field of reinsurance and his knowledge of the South African market will be instrumental in developing the local office.

Forward looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n degrees809/2004 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 April 10, 2007 under number D.07-0294 (as updated by the seconde note complémentaire registered with the AMF on June 12, 2007 under registration number 07-183, the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group, and to SCOR's prospectus d'admission registered with the AMF on April 10, 2007 under registration number 07-0115, as updated by the first note complémentaire registered with the AMF on April 23, 2007 under registration number 07-0131 and the seconde note complémentaire registered with the AMF on June 12, 2007 under registration number 07-183, for a description of certain important risks and uncertainties that relate to the Offer for and combination with Converium.

This information is provided by HUGIN

Contact Information

  • For further information, please contact:

    Beat Werder
    +33 (0)1 46 98 71 39
    Chief Communications Officer

    Marco Circelli
    +33 (0)1 46 98 72 17
    Head of Investor Relations