Scor To Book EUR10 Million To EUR15 Million Extra Catastrophe Losses For 1Q
05 Julho 2011 - 2:16PM
Dow Jones News
French reinsurer Scor S.E. (SCR.FR) Tuesday said that in the
second quarter it will book EUR10 million to EUR15 million in
additional pre-tax natural catastrophe losses because of claims
stemming from the first quarter.
MAIN FACTS:
- The extra losses mean Scor will draw EUR75 million on a
contingent capital facility to strengthen its equity capital.
- The contingent capital facility was made available to Scor
January 1 by Swiss Bank UBS (UBS).
- UBS is required to exercise the number of warrants required
for the issuance and subscription by it of new Scor shares in an
aggregate amount of EUR75 million.
- Scor said no further deterioration of the first quarter
natural catastrophe events on a gross basis is expected to
materially affect its net accounts.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
william.horobin@dowjones.com
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