SCOR to acquire Generali U.S. and become U.S. Life reinsurance market leader - Seite 2

• SCOR expects cash distributions from the acquired companies which would allow for significant capital optimisation following the closing.

• The transaction is subject to regulatory approvals and other customary conditions and is expected to close in the second half of 2013.

 

Denis Kessler, Chairman & Chief Executive Officer of SCOR SE, comments: "The acquisition of Generali U.S. reinforces our leadership in the Life reinsurance market. The combination of
SCOR Global Life Americas and Generali U.S. will become the market leader in the U.S. with a franchise focused on mortality risks. The transaction meets our strategic criteria and will be accretive for our shareholders whilst maintaining SCOR's overall solvency. Thanks to this acquisition, we continue to build on our acquisitions of Revios in 2006 and the mortality business of Transamerica Re in 2011, in order to provide the best possible product and service offering to our Life insurance clients worldwide."

 

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1 -   SCOR's acquisition of Generali U.S. is an enhancement of the already strong U.S. Life platform built following the Transamerica Re ("TaRe") acquisition
  
  · As a result of the acquisition, SGLA would rank #1 both in terms of new business and in-force² volume.
         
  · The TaRe acquisition enhanced SGLA's franchise mainly in coinsurance and individual term Life lines of business. Generali U.S.'s portfolio brings further capabilities to SGLA through its yearly renewable term (YRT) expertise, group Life operations and facultative underwriting.
         
  · As part of the TaRe acquisition, SCOR created an efficient capital and organisational structure, both in the U.S. and Europe. SCOR will leverage this existing structure to efficiently implement the transaction.
         
  · SGLA benefited from the integration of TaRe, which brought significant client relationships, underwriting expertise and an extensive mortality database. SGLA will further benefit from the highly experienced Generali U.S. management team, its U.S. market reach and further client data and relationships.
         
         
2 - The acquisition of Generali U.S. demonstrates SCOR's capacity to seize unique growth opportunities while respecting the "Strong Momentum V1.1" plan strategy