Free press releases distribution network?

Agency / Source: SCOR SE

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



SCOR Finalises the Acquisition of Generali U.S - SCOR finalises the acquisition of 100% of Generali U.S. Holdings, Inc. (“Generali U.S.”), the holding company of Generali's U.S. life reinsurance operations, with effect from today - SCOR.com
SCOR Finalises the Acquisition of Generali U.S

 

PRZOOM - /newswire/ - Paris, Ile de France, France, 2013/10/01 - SCOR finalises the acquisition of 100% of Generali U.S. Holdings, Inc. (“Generali U.S.”), the holding company of Generali's U.S. life reinsurance operations, with effect from today - SCOR.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Insurance/Risk Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

SCOR has obtained all the necessary regulatory approvals. With this transaction, the main operating company, Generali USA Life Reassurance, will be changing its name to SCOR Global Life USA Reinsurance Company.

This acquisition, which was announced on 4 June 2013, amounts to a total consideration of EUR 579 million[1](USD 750 million) plus, as announced in June, a 2013 earnings adjustment. This adjustment amounts to approximately USD 29 million and is subject to a post-close review and possible adjustment. The transaction has been financed by SCOR without the issuance of new shares.

The deal fits well with SCOR’s four strategic cornerstones - strong franchise, high diversification, controlled risk appetite, and robust capital shield. It is fully in-line with the Optimal Dynamics profitability and solvency targets and is expected to be accretive on an EPS and ROE basis. And it reinforces SCOR’s leadership in the life reinsurance market. The combination of SCOR Global Life Americas (“SGLA”) and Generali U.S. creates the market leader in the US life reinsurance market.

Acquisition enhances value for SCOR’s shareholders

• As originally announced, the purchase price represents a significant discount to SCOR’s preliminary EV estimate of the Generali U.S. in-force portfolio.
• The acquisition has been financed, in part, with the proceeds of the successful issuance of CHF 250 million perpetual subordinated notes, as announced on 10 September 2013. Approximately USD 230 million of the funding was provided from short-term financing, while the remaining funds were provided from internal resources.SCOR’s solvency position remains strong following the acquisition and all four major rating agencies affirmed their ratings for SCOR shortly after the June 4th announcement.
• The acquisition further enhances the Group’s diversification. The post-acquisition business mix is 55% life vs. 45% P&C.[2]

And reinforces our strong client franchise in the US

• The Generali U.S. acquisition enhances the already strong SGLA platform in the US. The combined group has a market-leading share of the US life reinsurance market, in terms of both in-force and new business.
• This acquisition brings a well-established and highly regarded franchise into the SCOR family. Generali U.S.’s strong client relationships, skills and infrastructure benefit SCOR’s US and worldwide life business.
• Both companies are focused on biometric risks, but with an important complementarity of their product offering. SGLA’s strong franchise in co-insurance, longevity, financial reinsurance and underwriting management tools (such as its patented Velogica offering) is reinforced by Generali U.S.’s capabilities in yearly renewable term, group life and facultative underwriting.
• The combination creates the largest block of mortality experience in the US life reinsurance market, creating research and development opportunities which the company intends to leverage for the benefit of clients and the US life insurance industry.

The combination of SGLA and Generali U.S. provides a strong management team

SCOR has leveraged its existing structure and experience in integrating acquisitions to efficiently combine the two organisations. The new organisation is now built around two main locations Charlotte and Kansas City.

The SCOR Global Life and Generali U.S. teams are now united within a new organisational structure that combines the strengths and competencies of SCOR and Generali U.S.

Joe Gilmour, until now the CFO of SGL, will lead the combined SGLA / Generali U.S. activities as CEO of SGLA. The department heads reporting to Joe will be:

• JC Brueckner, in charge of the US life reinsurance department
• Glenn Cunningham, for Strategic Planning and Industrial Affairs
• Brock Robbins, as Chief Pricing Officer
• Michael Colannino, in charge of Latin America & Canada
• Larry Moews, as Global Americas CRO (for all Group entities in the Americas)
• Tamora Kapeller, as COO
• Brona Magee, as CFO
• Jay Kinnamon, as Chief Actuary
• David Gates as General Counsel
• Zaira Goodman, as Head of Human Resources
• Maxine Verne, as Corporate Secretary

Paul Rutledge, CEO of SGLA, will be stepping down from his operational role but will continue to support SCOR through his participation as a Director of the Americas and Irish life reinsurance companies.

SCOR is confident that the clients of SGLA and Generali U.S. will benefit immediately from the reinforced service offering created by the combination of the two businesses, without disruption to existing cover and support.

Denis Kessler, Chairman & Chief Executive Officer of SCOR SE, comments: “We are delighted to have finalised the acquisition of Generali U.S., in line with the timing initially announced. This acquisition reflects SGL’s ambitions and targets in the important US market, namely to further strengthen its leadership position through Generali U.S.’s strong product expertise, client relationships and infrastructure. This transaction is expected to be highly accretive, it benefits both our clients and shareholders, is fully in line with the strategy and financial targets set out in the Group’s new strategic plan, Optimal Dynamics, and it further consolidates the Group’s position as a leading global reinsurer. I am excited about the new management team we have in place and am pleased to welcome the Generali U.S. employees to the SCOR family and to what is now an even stronger franchise. I would like to thank Paul for the dedication he has shown and the contribution he has made since joining SCOR two years ago.”

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Insurance/Risk Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: SCOR SE

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Insurance/Risk Management articles,
CATCH Visitors via Your Competitors Announcements!


SCOR Finalises the Acquisition of Generali U.S

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
SCOR SE | Generali U.S
Contact: Press Office - SCOR.com 
+33(0)1 58 44 70 00 webmaster[.]scor.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any SCOR SE securities in any jurisdiction including any other companies listed or named in this release.

Insurance/Risk Management via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From SCOR SE / Company Profile


Read Insurance/Risk Management Most Recent Related Press Releases:

SCOR Named 'Life Reinsurer of the Year 2016' by Asia Insurance Review
SCOR is Named 'North American Life Reinsurer of the Year 2016' by Reactions Magazine
Wunelli Evolves Driver Signature to Take Telematics Apps to Next Stage of Growth
LexisNexis Risk Solutions to Provide Mobile Telematics for Nationwide’s SmartRide Program
LexisNexis Risk Solutions Elevates Insurance Customer Experience with New Active Risk Management Solution
LexisNexis Risk Solutions Launches First Contextual Telematics Insurance Model in U.S.
Resolver’s Perspective™ Incident Management Software Now Fully Integrated with Software House C•CURE 9000 Security and Event Management Solution
PPM 2000 Joins Forces with Resolver
LexisNexis Launches LexisNexis Intelligence Exchange in India for Life Insurers
LexisNexis Risk Solutions Announces New Relationship with Ellie Mae

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona

Visit  BizJobs.com







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today