SCOR Repurchases €378.1 Million in Subordinated Bonds Ahead of New Issue
Reinsurer SCOR announced on Thursday the results of its cash tender offer for two series of subordinated bonds, which expired on June 3, 2026, at 4 PM (Paris time). The group accepted €378.1 million in securities, the full amount targeted, an exercise described as proactive management of its financing structure.
Repurchase of €378.1 Million Spread Across Two Series
SCOR announced on Thursday the results of its repurchase offer launched on May 27, 2026, and closed on June 3 at 4 PM (Paris time). The offer involved two series of subordinated bonds: €250 million in resettable fixed-rate bonds due in 2047 (first early repayment date June 5, 2027) and €500 million in resettable fixed-rate bonds due in 2048 (first early repayment date May 27, 2028).
The group accepted a nominal aggregate of €378.1 million in securities offered by investors. This acceptance is divided into two parts: €126.5 million of the 2047 bonds (out of a total of €250 million in circulation) and €251.6 million of the 2048 bonds (out of a total of €500 million in circulation). Following this operation, €123.5 million of the 2047 bonds and €248.4 million of the 2048 bonds will remain in circulation.
Cancellation and Settlement Scheduled for June 8, 2026
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The securities repurchased by SCOR will be cancelled. The settlement of the transaction is expected on June 8, 2026. The offer had been capped at the aggregate amount of new variable-rate subordinated bonds maturing in 2056 that the reinsurer plans to issue on June 5, 2026, as part of a strategy to replace existing debt.
Part of a Broader Recapitalization Strategy
SCOR describes this operation as a component of its proactive management of the group's financing structure.
« SCOR a enregistré une performance solide dans ses trois lignes de métier au cours de ce trimestre. En P&C, les revenus progressent et la rentabilité reste élevée, avec un ratio combiné bien inférieur à l'objectif de 87 % malgré un trimestre actif sur les catastrophes naturelles. » ; « Fort d'un ratio de solvabilité à 221 %, SCOR aborde la dernière étape de Forward 2026 avec un bilan renforcé »
Risks mentioned
Revenus d'assurance en baisse de 3,4 % sur 9 mois reflétant contraction L&H
Résultat net ajusté en baisse de 2,6 % vs 9M 2025 malgré hausse RoE
Rendement annualisé des capitaux propres en baisse à 18,9 % vs 19,9 % en 9M 2025
Opportunities identified
RoE annualisé de 18,9 % (19,3 % ajusté) sur 9 mois 2026 maintenu à bon niveau
Valeur Économique en croissance de 11,9 % à hypothèses économiques constantes
Ratio de solvabilité à 221 % bien au-dessus des seuils normatifs, permettant flexibilité
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
