SCOR Launches Cash Tender Offer for Subordinated Notes
SCOR SE, recognized as a leading global reinsurer, has announced an exciting development in its financial strategy. The company is initiating a cash tender offer (the "Tender Offer") to purchase its EUR 600,000,000 Fixed to Reset Rate Subordinated Notes, due 8 June 2046. This offer is aimed at enhancing its financing structure and reflects SCOR's proactive approach to managing its financial resources effectively.
Details of the Tender Offer
The Tender Offer will encompass the existing fixed to reset subordinated notes which were initially issued on 7 December 2015 and have a first call date set for 8 June 2026. Currently, SCOR has EUR 600,000,000 outstanding in these existing notes, and the Tender Offer is capped at EUR 500,000,000, subject to the company's discretion to adjust this amount.
New Notes Issuance Intentions
In conjunction with the Tender Offer, SCOR plans to issue new Euro-Fixed to Floating Rate Subordinated Notes. These new notes will be eligible as Tier 2 regulatory capital under Solvency II, demonstrating the company's commitment to maintaining robust capital adequacy in the face of changing market dynamics. The proceeds from these new notes will primarily support general corporate purposes, including financing the Tender Offer.
Conditions and Timeline
The completion of the Tender Offer is contingent upon the successful issuance of the new subordinated notes. The company plans to begin the Tender Offer process on 2 September 2025 and terminate it on 8 September 2025 at 5:00 p.m. Paris time. SCOR will announce the results promptly after the tender period closes, providing crucial information to all stakeholders involved.
Priority Allocation Mechanism
For holders of the existing notes participating in the Tender Offer who express interest in the new notes, the company may implement a priority allocation mechanism. This decision would be made at SCOR’s discretion and aims to reward current noteholders with an opportunity to subscribe for the newly issued notes.
Overview of SCOR as a Reinsurer
SCOR is well-established in the reinsurance sector, offering a comprehensive suite of solutions that help clients manage risk efficiently. The company applies a philosophy of "The Art & Science of Risk" to address risk management challenges through innovative financial solutions. In 2024, SCOR generated premiums totaling EUR 20.1 billion, serving clients in over 150 countries from its 37 global offices.
Company Mission and Values
SCOR is driven by a commitment to enhance the welfare and resilience of society through robust risk management and insurance solutions. This mission permeates every aspect of its operations, ensuring clients receive advanced and reliable reinsurance services, tailored to today's market complexities.
Contact Information for Stakeholders
SCOR encourages interested parties to reach out for more information or inquiries. Media relations are handled by Alexandre Garcia, who can be contacted via email at media@scor.com. For investor relations, Thomas Fossard is available at InvestorRelations@scor.com.
Frequently Asked Questions
What is the purpose of SCOR's Tender Offer?
The Tender Offer aims to purchase existing subordinated notes to enhance the company’s financial structure and flexibility.
What are the new subordinated notes SCOR intends to issue?
These new notes will be eligible as Tier 2 regulatory capital under Solvency II, primarily used for corporate purposes including financing the Tender Offer.
How will the priority allocation mechanism work?
Holders of existing notes participating in the Tender Offer who wish to subscribe for the new notes may benefit from priority allocation, based on SCOR's discretion.
When will the Tender Offer occur?
The Tender Offer will commence on 2 September 2025 and conclude on 8 September 2025 at 5:00 p.m. Paris time.
What is SCOR’s role in the global market?
SCOR is a leading global reinsurer that provides a diversified range of insurance and reinsurance solutions to effectively manage risks for its clients, serving customers around the globe.
