SCOR reports profit, plans to list in Switzerland

PARIS—French reinsurer SCOR S.A. has announced a 92% increase in net income for 2006, and plans to delist from the New York Stock Exchange and apply for a secondary listing on the Swiss exchange.

The Paris-based reinsurer posted net income of €252 million ($336.3 million) after tax, but before badwill associated with its acquisition of life reinsurance unit Revios Ruckversicherung A.G.

SCOR said that the badwill—the difference between the acquisition price and its corrected net book assets—was €54 million ($72.1 million).

SCOR said that gross written premiums were €2.94 billion ($3.92 billion), up 22% compared with 2005.

In addition, SCOR, which is attempting to take over Zug, Switzerland-based Converium Holding Ltd., said it planned to delist from the New York Stock Exchange and, upon consummation of its offer for Converium, apply for a secondary listing on the SWX Swiss Exchange.

SCOR said in a statement that its expects its delisting from the New York Stock Exchange, and deregistration from the U.S. Securities and Exchange Commission, to happen during June.