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SCOR Finalises Acquisition Of Generali U.S. Holdings, Inc.

SCOR (SZCRF.PK) said it has finalized the acquisition of 100% of Generali U.S. Holdings, Inc., the holding company of Generali's U.S. life reinsurance operations, with effect from today, October 1, 2013.

SCOR stated that it has obtained all the necessary regulatory approvals and 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 or USD 750 million plus, as announced in June, a 2013 earnings adjustment, SCOR said.

This adjustment amounts to about USD 29 million and is subject to a post-close review and possible adjustment and the transaction has been financed by SCOR without the issuance of new shares, the company said.

SCOR said it has leveraged its existing structure and experience in integrating acquisitions to efficiently combine the two organisations and 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.

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, the company noted.

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