SCOR Directors Support Capital Increase

The Board of Directors of the Paris-based SCOR Group has reaffirmed its unanimous support for the reinsurer’s planned capital increase.

The affirmation came at a meeting held Nov. 21. The board also announced that SCOR’s “Extraordinary General Assembly, which will be held on the 1st of December, will be asked to authorize the Board of Directors to proceed with this transaction.”

SCOR has filed a draft of the offering circular with the Commission des Operations de Bourse, the French securities regulatory authority.

“The Board of Directors confirms its full support for the turnaround program led by Denis Kessler and the whole SCOR team as well as its confidence in the future development of the Group,” said the announcement.

The bulletin also stressed that the offering and the securities are not currently registered for sale in the U.S., and may not be offered or sold there unless they are so registered. This restriction also applies to Canada, Japan and Australia.