SCOR issues cost estimate for the series of Hailstorms in Germany

Press Release 16 September 2013 For more information, please contact: Géraldine Fontaine                                         +33 (0) 1 58 44 75 58 Communications and Public Affairs Antonio Moretti                                               +33 (0) 1 58 44 77 15 Investor Relations Director SCOR issues cost estimate for the series of Hailstorms in Germany SCOR issues a preliminary cost estimate for the series of Hailstorms in Germany of approximately EUR 50 million, after retrocession and reinstatements and before tax. Following the June flooding in the country, cedants in Germany suffered losses in the series of damaging hailstorms principally comprising Andreas and Ernst. Andreas, which occurred on 27 and 28 July, is the most significant of these hailstorms, estimated at about EUR 34 million for SCOR's share. Affecting Property and Motor lines of business, mainly in north-eastern areas of Westphalia, Lower Saxony and Baden-Württemberg, these events look set to be the most expensive German hail loss for many years, exceeding the 1984 Munich event which cost the industry around EUR 1 billion (on an inflation-adjusted basis). Due to the timing of these events during the holiday season for both insureds and cedants, adjusted loss information has taken longer than usual to emerge. SCOR currently expects the industry's insured losses for the series of hailstorms to be in the region of EUR 3 billion, although this estimate is still preliminary, particularly for Ernst. Victor Peignet, CEO of SCOR Global P&C, comments: "While these storms will likely add a further dynamic for the German market renewals at 1/1, we see this cost as being within SCOR's expectations in terms of our share of the industry loss and our robust representation of frequency perils in Europe from a planning and capital modelling perspective." * *    * 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 SCOR's Document de référence filed with the AMF on 6 March 2013 under number D.13-0106 (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". SCOR Press Release: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Scor via Thomson Reuters ONE [HUG#1729497]