AM Best

A.M. Best Affirms Credit Ratings of SCOR SE and Its Main Operating Subsidiaries


Salman Siddiqui
Associate Director, Analytics
+44 20 7397 0331

Victoria Ohorodnyk-P/C
Financial Analyst
+1 908 439 2200, ext. 5326

Edward Kohlberg-L/H
Associate Director
+1 908 439 2200, ext. 5664

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


LONDON - SEPTEMBER 19, 2018 11:40 AM (EDT)
A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of SCOR SE (SCOR) (France) and its main operating subsidiaries. Concurrently, A.M. Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) on SCOR’s outstanding rated instruments. The outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect SCOR’s balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).

SCOR’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which remained at the strongest level as at year-end 2017. A.M. Best expects risk-adjusted capitalisation to be maintained at the strongest level prospectively and subject to a low level of volatility, reflecting SCOR’s conservative risk appetite and comprehensive retrocession programme designed to shield its capital base. As at half-year 2018, the group reported a robust Solvency II ratio of 221%, marginally in excess of its optimal range. SCOR’s capital strategy remains focused on efficiency, and the group has implemented a EUR 200 million share buy-back programme to be executed by July 2019. Capital management forms an integral part of SCOR’s sophisticated ERM framework and embedded risk culture.

SCOR’s operating performance is strong, with the group reporting a five-year (2013-2017) average return on equity of 9.2%. In 2017, SCOR delivered a net profit of EUR 285 million (2016: EUR 606 million), despite significant natural catastrophe losses stemming from its U.S. non-life operations. The group’s comprehensive retrocession programme responded as expected in 2017, materially softening the impact of catastrophe losses. Profits from life reinsurance partly offset losses in property/casualty reinsurance, demonstrating the benefit of the group’s good balance of earnings.

SCOR is a top tier global reinsurer, with excellent product and geographical diversification. The group’s internationally recognised franchise, long-standing client relationships and technical expertise allow SCOR to effectively manage local and global reinsurance market cycles.

The FSR of A+ (Superior) and Long-Term ICRs of “aa-” have been affirmed, with a stable outlook, for SCOR SE and its following operating subsidiaries:

  • SCOR Global Life SE

  • SCOR Global P&C SE

  • SCOR Switzerland AG

  • SCOR UK Company Limited

  • SCOR Reinsurance Asia-Pacific Pte Ltd

  • SCOR Global Life USA Reinsurance Company

  • SCOR Global Life Americas Reinsurance Company

  • SCOR Global Life Reinsurance Company of Delaware

  • SCOR Reinsurance Company

  • SCOR Canada Reinsurance Company

  • General Security National Insurance Company

  • General Security Indemnity Company of Arizona

The following Long-Term IRs have been affirmed with a stable outlook:


— “a” on EUR 500m 3.625% subordinated notes, due 2048

— “a” on EUR 600m 3.00% subordinated notes, due 2046

— “a” on CHF 250m 5.00% perpetual subordinated notes

— “a” on CHF 125m 3.375% perpetual subordinated notes

— “a” on EUR 250m 3.875% perpetual subordinated notes

— “a” on EUR 250m 3.25% subordinated notes, due 2047

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.

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