Scor Launches EUR75 Million Capital Increase
July 06 2011 - 3:57AM
Dow Jones News
French reinsurance company Scor SA (SCR.FR) said Wednesday it
has placed 4.251 million new shares with investors in a EUR75
million capital increase aimed at strengthening its equity capital
following heavy insurance claims earlier in the year.
The shares were issued at EUR17.643 each. At 0706 GMT, Scor
shares were down EUR0.39, or 2% at EUR19.16
The move will slightly dilute shareholder interest in the
company, with every 1% of share capital reducing to 0.978%.
Scor said Tuesday that it will book EUR10 million to EUR15
million in extra pre-tax natural catastrophe losses because of
claims stemming from the first quarter. The increased claims costs
will be booked in its second quarter accounts.
-By Digby Larner and Gabriele Parussini, Dow Jones Newswires;
+33 1 4017 1748; digby.larner@dowjones.com
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