SCOR: License Obtained in Korea Where the April 1, 2004 Renewals Were Very Satisfactory
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20 April 2004, 2:31pm ET
PARIS--(BUSINESS WIRE)--April 20, 2004--The treaty renewals of the SCOR Group at April 1, 2004 in Korea concerned the whole 2003 portfolio.
The expected Non-Life premiums in Korea reached EUR 18.2 million. At constant exchange rates and constant reinsurance structure, this corresponds to a very slight decrease of 2% in premiums. SCOR has maintained solid commercial relationships with the main Korean cedents. Catastrophe premium rates in Korea have been significantly adjusted upward: from 25% to 75% depending on the treaties.
The bulk of the portfolio concerns short-tail risks: property damage represents almost the whole of the Korean portfolio. The share of non-proportional treaties in the portfolio of SCOR in Korea increased from 12% to 23%. Underwriting conditions are in line with the profitability objectives set out by the Group.
Mentioned Last Change
SCO 1.66 (Unchanged)
In addition, the SCOR Group announces that it has obtained on April 16, 2004 a license from the Financial Services Committee of South Korea. This license will permit the Korean branch of its SCOR Asia Pacific Pte. Ltd. subsidiary to underwrite Life reinsurance and Non-Life reinsurance business in South Korea.
Denis Kessler, Chairman of SCOR, said, "The SCOR Group is pursuing its strategic objective of growing in Asia. This license in South Korea will help us along this path and will lead the Asian market to represent an increasing portion of the global activity of the Group. The creation of this branch in Korea will consolidate the position of the Group by allowing it to provide locally high value-added services to its clients, and will allow it to continue to build its business in this high-growth market under better conditions. I would like to thank the South Korean authorities for the granting of this license to the SCOR Group."
Certain statements contained in this press release relating to SCOR's plans, strategies and beliefs are forward-looking in nature and are based on management's assumptions and beliefs in light of the information currently available. The forward-looking statements involve risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements. Additional information regarding risks and uncertainties is set forth in the current annual report of the company.
qualcuno la segue?
cicca
E-mail or Print this story
20 April 2004, 2:31pm ET
PARIS--(BUSINESS WIRE)--April 20, 2004--The treaty renewals of the SCOR Group at April 1, 2004 in Korea concerned the whole 2003 portfolio.
The expected Non-Life premiums in Korea reached EUR 18.2 million. At constant exchange rates and constant reinsurance structure, this corresponds to a very slight decrease of 2% in premiums. SCOR has maintained solid commercial relationships with the main Korean cedents. Catastrophe premium rates in Korea have been significantly adjusted upward: from 25% to 75% depending on the treaties.
The bulk of the portfolio concerns short-tail risks: property damage represents almost the whole of the Korean portfolio. The share of non-proportional treaties in the portfolio of SCOR in Korea increased from 12% to 23%. Underwriting conditions are in line with the profitability objectives set out by the Group.
Mentioned Last Change
SCO 1.66 (Unchanged)
In addition, the SCOR Group announces that it has obtained on April 16, 2004 a license from the Financial Services Committee of South Korea. This license will permit the Korean branch of its SCOR Asia Pacific Pte. Ltd. subsidiary to underwrite Life reinsurance and Non-Life reinsurance business in South Korea.
Denis Kessler, Chairman of SCOR, said, "The SCOR Group is pursuing its strategic objective of growing in Asia. This license in South Korea will help us along this path and will lead the Asian market to represent an increasing portion of the global activity of the Group. The creation of this branch in Korea will consolidate the position of the Group by allowing it to provide locally high value-added services to its clients, and will allow it to continue to build its business in this high-growth market under better conditions. I would like to thank the South Korean authorities for the granting of this license to the SCOR Group."
Certain statements contained in this press release relating to SCOR's plans, strategies and beliefs are forward-looking in nature and are based on management's assumptions and beliefs in light of the information currently available. The forward-looking statements involve risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements. Additional information regarding risks and uncertainties is set forth in the current annual report of the company.
qualcuno la segue?
cicca
