SCOR And Matmut Announce Creation Of New Reinsurer

La Mutualite Francaise, Matmut and SCOR have announced the formation of a new reinsurance company, MutRe. This joint-stock company will have an initial capital of about US$18.5 million, held equally by the three shareholders.

MutRe will help mutual insurance companies respond to developments in the field of provident cover, thanks to the combined know-how of its founders.

La Mutualite Francaise is the predominant supplier of voluntary supplementary health insurance cover. Matmut has a long record of commitment to the mutuals. SCOR is France's no. 1 reinsurer, with a vast wealth of experience and technical skills. Embodying the strengths of its founding shareholders, MutRe will be totally familiar with provident insurance needs, bringing its genuine innovative capabilities to bear on them.

Under the authority of a Supervisory Board, MutRe will be run by a Management Board consisting of Jean-Louis Bancel of Mutualite Francaise, Alain Chevreau of SCOR and Bernard Scagliotti of Matmut.

La Mutualite Francaise is an umbrella organization for 3,000 mutuals providing cover for more than 30 million people, with nearly US$13 billion in premiums. Matmut, with more than 2 million members, is a leading provider of personal auto and homeowners insurance. SCOR, with premium income in excess of US$2.75 billion, is France's top reinsurer.