French reinsurer Scor (SCR.FR) Friday announced the launch with UBS AG (UBS) of a three-year EUR150 million natural catastrophe financial coverage facility taking the form of an event-driven guaranteed equity.

MAIN FACTS:

- Under the transaction, Scor will benefit from a contingent EUR150 million equity line, which would be available in two separate tranches of EUR75 million each. Drawdown on facility may result in an aggregate increase in the share capital of up to EUR150 million (including issuance premium), in respect of which Scor has entered into a firm subscription commitment with UBS.

- The issuance of the shares will be triggered when SCOR has experienced total aggregated losses from natural catastrophes above certain thresholds occurring over three years, between Jan. 1, 2011 and Dec. 31, 2013.

  - In the absence of the occurrence of any triggering event, no shares will be issued under the facility.

The facility may therefore reach its term without any dilutive impact for the shareholders.

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- By Paris Bureau, Dow Jones Newswires; +331-4017-1740
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