SOURCE: SCOR

May 05, 2008 01:00 ET

SCOR rolls-out Hub structure in Cologne

PARIS--(Marketwire - May 5, 2008) - Press Release

5 May 2008

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SCOR rolls-out Hub structure in Cologne

SCOR is now structured around six "Hubs": Paris, Zurich, Cologne and London for Europe, Singapore for Asia and New York for the Americas. The Group's decision to opt for a "Hub" company structure follows the successful consolidation of Revios and Converium. It takes full advantage of the strengths of the Group network.

The new structure is based on the principle that each Hub has local, regional and global responsibilities both at the Divisional level (Global P&C and Global Life) and the Group level.

As far as the Cologne Hub is concerned, the following structure applies:

Cologne Hub managers:

Dietmar Zietsch is the Managing Director of the Hub. He will be SCOR's representative in Germany for all corporate matters relating to the Group, encompassing SCOR SE and the two operational entities SCOR Global Life SE and SCOR Global P&C SE. Marc von Harpke is Head of Operations, Jutta Kern is Head of Human Resources and Ewald Stephan is in charge of the Hub Accounting Centre.

Property & Casualty - regional responsibilities of the Hub:

Reporting to Umberto Gavazzi, Chief Underwriting Officer for Treaty Property & Casualty EMEA (Europe, Middle East and Africa), are the Chief Underwriting Officers for the P&C markets covered by the Hub: Robert Oberholzer in charge of Germany, Peter Koefod for the Nordic markets and Cherif Chentir for the Middle East markets served from Cologne.

Life & Health - regional responsibilities of the Hub:

Reporting to Norbert Pyhel, Deputy Chief Executive Officer of SCOR Global Life and member of the SCOR Group Executive Committee, is Andreas Muschik who is in charge of the Life markets covered by the Hub. Reporting to him as Market Heads are: Thorsten Keil in charge of Germany I, Torsten Hefer for Germany II, Edouard Knobloch for the Northern & Eastern European markets and Jens Sonnenschein for the Middle East.

Life & Health - worldwide responsibilities conducted from the Cologne Hub:

Norbert Pyhel globally oversees all four Life geographic market regions. These are Southern & Western Europe & Asia, Central & Eastern Europe & the Middle East, the Americas and Northern Europe. He is based in Cologne. For SCOR Global Life, Frank Saemer is Chief Risk Officer and Frank Engelaender Chief Financial Officer. They are both based in Cologne.

Global Group responsibilities conducted from the Cologne Hub:

Michael Kastenholz, Deputy Chief Risk Officer and member of the SCOR Group Executive Committee, carries out his worldwide duties from the Cologne Hub. Reporting to him is Frieder Knuepling who heads the Group Corporate Actuarial Team, which is entirely based in Cologne.

The organisation will relocate to new premises at the centrally-located Cologne Mediapark in the autumn of 2008.

François de Varenne, Group Chief Operating Officer of SCOR, comments: "This Hub is a clear demonstration of SCOR's strategic innovation in creating a network company. Under the network structure, each Hub has local, regional and worldwide responsibilities. This enables the Group to provide customised, value-added solutions whilst maintaining a high level of proximity to clients. The empowered status of the local platforms also enables them to attract and retain talents in each market. Finally, the Hub structure facilitates the optimisation of each platform, integrating them efficiently and smoothly within the overall Group structure, thereby generating synergies."

With the Cologne organisational structure now firmly in place, SCOR intends to apply a similar structure to its other worldwide Hubs in London, Zurich, Paris, New York and Singapore.

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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 March 28, 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.

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