SOURCE: SCOR Holding (Switzerland) AG

November 28, 2007 01:05 ET

SCOR Holding (Switzerland) Ltd. informs about redemption of USD 200 Million Guaranteed Subordinated Notes and exemption from disclosure rules

ZURICH, SWITZERLAND--(Marketwire - November 28, 2007) -


SCOR Holding (Switzerland) Ltd. informs that it has initiated the redemption of all of the outstanding Converium Finance S.A. 8.25% Guaranteed Subordinated Notes (the "Notes") due 2032, totalling USD 200,000,000 in aggregate principal amount.

The redemption date is 24 December 2007. The Notes will be redeemed at a price of the aggregate principal amount plus an amount equal to the accrued interest payments to the redemption date. The CUSIP number for the Notes is 21248Y202.

A Notice of Redemption has been distributed by The Bank of New York, the trustee for the Notes.

SCOR Holding (Switzerland) Ltd., furthermore, informs that the Admission Board of the SWX Swiss Exchange decided on 23 November 2007, based upon article 76 of the Listing Rules, to grant SCOR Holding (Switzerland) Ltd an exemption from the disclosure rules (ad-hoc disclosure, disclosure obligations according to Circular Nr. 1 Addendum 1 - participation rights, management transactions and accounting rules).

The exemption was the result of a request of SCOR Holding (Switzerland) Ltd and was made in conjunction with the pending cancellation action brought by SCOR SE before the Commercial Court of the Canton of Zurich (which is expected to be completed by the end of the 1st quarter 2008), with respect to the remaining shares of SCOR Holding (Switzerland) Ltd. not owned by the SCOR Group in accordance with article 33 of the Federal Act on Stock Exchanges and Securities Trading.

This exemption is valid until 31 Mai 2008 and will fall away with immediate effect, should the pending action for cancellation of outstanding stock be withdrawn by SCOR SE or dismissed by the Commercial Court of the Canton of Zurich.

Enquiries

+---------------------------------------------------------+
| Communications          | Marco Circelli                |
| Phone: +41 44 639 90 22 | Head of Investor Relations    |
| Fax: +41 44 639 70 22   | mcircelli@scor.com            |
|                         | Phone: +41 44 639 91 31       |
|                         | Fax: +41 44 639 71 31         |
|                         |                               |
|                         | Inken Ehrich                  |
|                         | Investor Relations Specialist |
|                         | iehrich@scor.com              |
|                         | Phone: +41 44 639 90 94       |
|                         | Fax: +41 44 639 70 94         |
+---------------------------------------------------------+

SCOR Holding (Switzerland) Ltd.

SCOR Holding (Switzerland) Ltd. is a subsidiary of SCOR SE and is based in Zurich, Switzerland. The Company has an "A-" ("strong") financial strength rating (outlook stable) from Standard & Poor's and a "A-" ("excellent") financial strength rating (outlook stable) from A.M. Best Company.



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