AM Best has changed the implications of SCOR's under review status from negative to developing, it announced. SCOR's current financial strength rating is B++ (very good).
The decision followed SCOR's announcement of a fully underwritten €750m rights issue to be completed by 7 January 2004. This is €150m higher than previously announced.
AM Best had previously said the consolidated net capital enhancement from the originally proposed €600m rights issue would have been insufficient for consideration of a ratings upgrade given the level of losses sustained by SCOR in the third quarter.
Following the announcement of the increased rights issue, AM Best said it was re-assessing the company's rating and was in discussion with SCOR's management to resolve the group's under review status.