Scor:EUR39 Million Extra Costs As WTC Dispute With Allianz Closed
November 16 2009 - 1:24AM
Dow Jones News
French reinsurer Scor SE (SCR.FR) Friday said it has been
informed of the final award of the arbitration panel regarding the
World Trade Center, or WTC, indemnification dispute between Allianz
SE (ALV.XE) and Scor.
MAIN FACTS:
- The panel has decided that Allianz had not exceeded its rights
and obligations.
- Scor and its retrocessionnaires will assume, to the extent of
their respective commitments, their share in the indemnification
obligations relating to the World Trade Center claim.
- The additional costs resulting from the full coverage of two
distinct events are estimated to EUR39 million after tax and
retrocession.
- Scor estimates that these additional costs will neither modify
the ROE objectives of the Scor Group, nor its dividend distribution
policy, and will not affect Scor's financial position.
- This award finally terminates this legacy matter which
originated in 2001.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
djnews.paris@dowjones.com
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