SCOR welcomes A.M. Best’s decision to confirm its Financial Strength Rating of ‘A+ Superior’ and the Group’s Issuer Credit Rating of ‘aa-’
Press Release
September 30, 2019 - N° 32
SCOR welcomes A.M. Best’s decision to confirm its
Financial Strength Rating of ‘A+ Superior’
and the Group’s Issuer Credit Rating of ‘aa-’
A.M. Best has decided to affirm SCOR’s Financial Strength Rating of ‘A+ (Superior)’ and its Long-Term Issuer Credit Ratings of ‘aa-’.
According to A.M. Best, this decision reflects “SCOR’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.”
A.M. Best also adds that “SCOR’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remained at the strongest level as at year-end 2018. A.M. Best expects “risk-adjusted capitalisation to be maintained at the strongest level prospectively, supported by SCOR’s conservative investment portfolio and robust retrocession programme designed to shield its capital base.”
The agency concludes that “SCOR is a top tier global reinsurer. The group’s internationally recognised franchise, long-standing client relationships and technical expertise allow SCOR to effectively manage local and global reinsurance market cycles.”
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We pleased with the rating agency A.M. Best’s decision to affirm the Group’s Financial Strength Rating of ‘A+ (Superior)’ and its Long-Term Issuer Credit Ratings of ‘aa-’. Emphasizing SCOR’s ability to successfully combine growth, solvency and profitability, the rating agency insists on the Group’s strong operating performance, its very favourable global business profile and very strong enterprise risk management. This decision, which clearly demonstrates the soundness of our strategy as a Tier 1 global reinsurer, is an excellent start to our new plan ‘Quantum Leap’.”
The A.M. Best press release is available on the agency’s homepage at the following address:
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Contact details
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Anette Rey
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Ian Kelly
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Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 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 the 2018 reference document filed on March 4, 2019, under number D.19-0092 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website (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.
The Group’s financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.
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