December 29, 2008 12:14 ET

Frieder Knüpling Promoted to SCOR Deputy Chief Risk Officer Position

PARIS--(Marketwire - December 29, 2008) - Frieder Knuepling promoted to SCOR Deputy Chief Risk Officer position

Frieder Knuepling, Chief Corporate Actuary, will become Deputy Chief Risk Officer of the SCOR Group and will lead the Risk Management team in Cologne. An actuary with a PhD in Economics, Frieder Knuepling has ten years of experience in the field of risk management, having headed a number of different actuarial projects and teams.

Frieder Knuepling, 39, German, holds degrees in Mathematics and Physics from the Universities of Goettingen and Freiburg. He worked as a lecturer and research assistant at the University of Freiburg and several other colleges, until he received a PhD in Economics based on research into the econometric modelling of macroeconomic and financial data. From 1999-2002 he worked for Gerling-Konzern Globale Rueckversicherungs-AG and its UK subsidiary, dealing with pricing and valuation. As of 2003 he headed the Corporate Actuarial & Treasury department of the former Revios group, taking charge of areas such as group Embedded Value, IFRS valuation and Investment Management, and serving as a non-executive Director of its North American subsidiaries. Since 2007 Frieder Knuepling has headed the Corporate Actuarial Department reporting to the Group CRO. Frieder Knuepling is a fellow of the Deutsche Aktuarvereinigung (DAV).

Michael Kastenholz, Deputy Group Chief Risk Officer, is leaving the SCOR Group for personal reasons. He has been a member of the Group Executive Committee (COMEX) since 2006, having joined SCOR from Revios, the former Life reinsurance unit of the Gerling Global Re group that was acquired by SCOR in 2006.

Michael Kastenholz's most recent role has been as Head of the Risk Management team at the Cologne Hub, where he spearheaded the SCOR Group's comprehensive Enterprise Risk Management (ERM) initiatives. Before joining the Risk Management team, he was the CFO of SCOR Global Life and Deputy CFO of the SCOR Group.

With the departure of Michael Kastenholz, the COMEX will comprise eight members.

SCOR Chairman and CEO Denis Kessler comments: "The SCOR Group and I would like to thank Michael for the valuable contributions that he has made since he joined us in 2006. He has been an important driving force behind the success of the Revios integration. Michael's work has been widely recognized, notably in the field of ERM. We wish Michael all the best. We know that we can count on Frieder Knuepling, a very experienced and talented actuary, with a broad range expertise to lead Cologne's excellent risk management team into the future and assist the Chief Risk Officer Jean-Luc Besson in designing and implementing SCOR's risk management policy".

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 28 March 2008 under number D.08-0154 (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.

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