AM Best

AM Best Affirms Credit Ratings of SCOR SE and Its Main Operating Subsidiaries


Jalpa Thanky, FIA
Senior Financial Analyst
+31 20 308 5430

Filippo Novella
Financial Analyst—P/C
+1 908 439 2200, ext. 5486

Keith Behrmann
Senior Financial Analyst—L/H
+1 908 439 2200, ext. 5733

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

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


AM 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, AM 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. (See below for a detailed list of the companies and debt instruments.)

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

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 at year-end 2018. AM Best expects risk-adjusted capitalisation to be maintained at the strongest level prospectively, supported by SCOR’s conservative investment portfolio and robust retrocession programme designed to shield its capital base. A partially offsetting factor is SCOR’s reliance on soft capital components, which include hybrid debt, value of in-force life business and a contingent capital facility.

SCOR’s operating performance is strong, demonstrated by a 10-year (2009-2018) weighted average return on equity of 8% (as calculated by AM Best). In 2018, SCOR delivered a net profit of EUR 322 million (2017: EUR 285 million), despite the high frequency of natural catastrophe losses incurred during the second half of the year. The group’s comprehensive retrocession programme responded as expected, yielding material recoveries on quota share covers, consequently 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 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 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 AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with an exclusive focus on the insurance industry.

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