SCOR announces a recovery plan

In an effort to regain competitiveness, the group has announced a recovery plan for the reduction of its expenditure on structuring and wage bill, hoping to reach cuts of 24 to 44 million EUR (29 to 54 million USD).
The expected staff release affects 120 to 220 posts out of a total of 1 038 at the end of 2004, 582 of which in France. The global measure aims at reducing by 17% the staff over a two-year period, namely in foreign subsidiaries. The objective is to bring the cost ratio on written premiums for the end of 2007 down to 5% against the 2004 7.7% ratio.