4.4 Legal risk - Scor

Total SCOR Global Life SCOR Global P&C
In EUR
million 2012 2011 2010 2012 2011 2010 2012 2011 2010
Europe 3,981 3,709 3,572 1,716 1,686 1,660 2,265 2,023 1,912
Americas 3,697 2,376 1,823 2,462 1,393 913 1,235 983 910
Asia-
Pacific/Rest
of World 1,836 1,517 1,299 686 541 462 1,150 976 837
Total 9,514 7,602 6,694 4,864 3,620 3,035 4,650 3,982 3,659
6.3 Extraordinary events influencing the principal
business and markets
Please refer to http://www.scor.com/en/investors/ratings.html for a summary of SCOR's ratings.
On 5 June 2012, Standard & Poor's upgraded to "A+" from "A" the insurance financial strength ratings (IFSR) and longterm
counterparty credit of SCOR SE (SCOR) and various guaranteed subsidiaries. All ratings have a "stable outlook".
On 9 May 2012, Moody's Investors Service upgraded the insurance financial strength ratings (IFSR) of SCOR SE
(SCOR) and various guaranteed subsidiaries to A1 from A2, and SCOR's subordinated debt rating to A3 from Baa1. All
ratings have a "stable outlook".
On 2 May 2012, A.M. Best upgraded the Issuer Credit Ratings (ICR) of SCOR SE and its main subsidiaries from "a" to
"a+". They also affirmed the Financial Strength Ratings of "A" (Excellent). The outlook for all ratings is stable.
On 15 March 2012, Fitch Ratings upgraded SCOR's Insurer Financial Strength (IFS) ratings and Long-term Issuer
Default Ratings (IDRs) from 'A' to 'A+'.
On 15 December 2011, Moody's Investors Service affirmed the A2 insurance financial strength ratings (IFSR) of SCOR
SE (SCOR) and various guaranteed subsidiaries, and SCOR's Baa1 (hyb) subordinated debt rating. The rating outlook
remained positive.
On 28 October 2011, Standard & Poor's Ratings Services reaffirmed its 'A' Financial Strength Rating and Counterparty
Credit Rating. The Outlook on all entities remained positive.
On 3 May 2011, Fitch Ratings affirmed SCOR's Long-term Issuer Default Ratings (IDRs) and Insurer Financial Strength
(IFS) ratings at 'A', respectively. The Outlook on the IDR and IFS remained positive
On 27 April 2011, Standard & Poor's Ratings Services affirmed its 'A' long-term counterparty credit and insurer financial
strength ratings on, as well as on SCOR's guaranteed subsidiaries. The outlook on all entities remained positive.
On 26 April 2011, Moody's Ratings affirmed its A2 insurance financial strength, outlook positive and its rated subsidiaries
after the acquisition of the life mortality business of Transamerica Re.
On 26 April 2011, A.M. Best Europe affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit
rating (ICR) of "a" of SCOR SE and its subsidiaries. Concurrently, A.M. Best affirmed the subordinated debt ratings. The
outlook for all ratings remained stable.
On 7 October 2010, Moody’s raised the outlook on the “A2” Insurer Financial Strength Rating (IFSR) of SCOR SE and
its main subsidiaries from “stable” to “positive”. According to the rating agency, this decision reflected “SCOR’s good
franchise, diverse book of reinsurance business, excellent asset quality, and relatively low financial leverage.
Furthermore, the Group’s senior management has demonstrated a consistent business strategy.”
On 1 October 2010, Standard & Poor’s raised the outlook on the “A” rating of SCOR SE and its main subsidiaries from
“stable” to “positive”. According to the rating agency, “the outlook revision reflected our view of the positive momentum in
SCOR's financial profile. This mainly stems from the group's improved earnings, strong capitalization, and a strong
enterprise risk management (ERM) program.”
On 10 September 2010, A.M. Best upgraded the Insurer Financial Strength and Long-Term Credit and ratings of SCOR
SE and its main subsidiaries from “A-” to “A”(Excellent) and “a-” to “a” respectively. According to the rating agency, this
decision reflected “the continuing resilience of SCOR’s risk-adjusted capitalization, its consistent operating performance
and the quality of its enterprise risk management”.
On 24 August 2010, Fitch Ratings upgraded the outlook on the “A” rating of SCOR SE and its subsidiaries from “stable”
to “positive” for Insurer Financial Strength (IFS) and Long-term Issuer Default Ratings (IDRs). Fitch notably indicates that
this upgrade took account of “the resilience of the group’s financial strength, due to its conservative investment policy,
reduced debt leverage and continued strong capital adequacy amid volatile financial markets and a less favorable claims
environment. The ratings also took SCOR’s strong business and risk diversification, solid business position and resilient
profitability into account”.
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