Scor: Property & Casualty Losses At Most EUR185 Million Pretax

French reinsurer Scor SE (SCR.FR) said Monday that its pretax losses from the earthquake and tsunami that devastated northeast Japan will likely be less than EUR185 million.

"In the worst-case scenario for the events of last week, Scor estimates that its total (property and casualty)losses net of proportional and non-proportional protection, before tax, will not exceed EUR185 million," the company said, adding: "Scor's current view, based on the very preliminary and evolving available information, is that its final total loss from these events should be lower than this maximum amount."

The company's stock has tumbled on the stock exchange on worries that Scors would be one of the hardest hit by the damages related to the massive earthquake and resulting tsunami, which have led to a reactor crisis at Japanese nuclear plants.

The company's stock ended Monday on the Euronext Paris exchange at EUR18.59 a share, down from EUR19.25/share Thursday, prior to Friday's situation in Japan.

The company noted that it doesn't provide damage and liability cover to nuclear plant operators in Japan, adding that its reinsurance exposure is marginal. "In Japan, Scor is involved in covering industrial and commercial risks as a reinsurer of domestic incorporated companies and also covers home owners as a reinsurer of the kyosai," the company said in a statement. Some home insurance in Japan is sold through cooperatives called kyosai, which buy backup protection from companies based outside Japan, unlike the rest of the home-insurance market.

-By A.H. Mooradian, Dow Jones Newswires; +33 1 4017 1755; art.mooradian@dowjones.com.

Scor (PK) (USOTC:SCRYY)
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