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SCOR raises stake in Converium

Stuart Collins

July 10, 2007 Reprints

P/C Insurers SCOR More + Less -

PARISReinsurer SCOR S.A. has increased its equity holding in its Swiss rival, Converium Holding A.G. to 86.07%. The increase in SCOR's holding in Converium from 33% followed an initial offer period, which closed on July 9 and was part of the Paris-based company's ongoing acquisition of Converium.

In May, the Zug, Switzerland, based reinsurer recommended that shareholders accept an increased offer from SCOR, following months of protracted wrangling.

Converium said that it welcomed the fact that the offer for all of Converium's share capital is progressing according to expectations. "By securing more than 86% of Converium's share capital, the offer has passed a very important milestone in the integration between the two businesses aimed at creating the fifth global multiline reinsurer," the company said in a statement.

An additional offer period will open July 13 and will be closed on July 26.

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SCOR raises stake in Converium

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