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PARISSCOR S.A. and Converium Holding Ltd. have reached a friendly agreement for SCOR to buy its Swiss rival after a protracted battle.
SCOR announced it would increase its offer price to half a SCOR share and 5.50 Swiss francs ($4.50) per Converium share.
SCOR said it wouldfor a period of 12 months following the settlement of a dealensure no layoffs of Converium staff, and would maintain a strong presence in Zurich, among other things.
Zug, Switzerland's board of directors unanimously and unconditionally recommends the offer, it said.