SCOR Renews Contingent Capital Program for 2026-2028

SCOR has renewed its contingent capital program for three years, offering potential additional capital of up to EUR 300 million. This renewal aims to support the company's equity and solvency in the event of extreme events or a significant drop in share value. The program involves issuing share subscription warrants, with J.P. Morgan SE as the sole subscriber, automatically exercised under predefined conditions.

The issuance covers from January 1, 2026, to December 31, 2028, with no impact on 2025 accounts. SCOR's management believes this approach offers benefits compared to traditional insurance methods, despite potential dilution risks for shareholders. J.P. Morgan SE plans to sell the shares instead of maintaining them, which could affect share value liquidity and volatility.