SCOR said it has renewed its contingent capital program for three years, a structure the reinsurer said can provide up to €300 million of additional capital if specified triggers occur.
The company said those triggers include “extreme events (natural disasters or events affecting mortality)” or a “significant fall in the share price of the company's ordinary shares.” It said the program is intended to help protect equity and the group’s solvency if those conditions are met.
SCOR said the arrangement is built around share subscription warrants issued by SCOR and subscribed by J.P. Morgan SE, which would be automatically exercised if the conditions in the warrant agreement are met. The warrants are referred to as the “2025 Warrants.”
The coverage period runs from Jan. 1, 2026, through Dec. 31, 2028, SCOR said. If no triggering event occurs in that window, the company said “the 2025 Warrants will not be exercised.”
Read more: SCOR’s Q3 2025 profit driven by P&C
SCOR said the warrant agreement includes options for early termination in certain cases, including a “regulatory disqualification event.” The agreement also provides for an option to terminate all 2025 Warrants on Dec. 31 of each year beginning Dec. 31, 2026, it said.
SCOR’s disclosure on the backstop comes as the group has been reporting solvency within its stated operating range; in its third-quarter 2025 results, SCOR estimated its solvency ratio at 210%, consistent with its 185%-220% optimal range.
SCOR said the potential share capital increase tied to the warrants could reach €300,000,000, including share premium, with dilution capped at 10% of share capital on the date of issuance of the new shares. It also said the combined issuance from its 2022 and 2025 warrants would not exceed 10% on the date the shares are issued, with the 2022 coverage period expiring Dec. 31, 2025.
SCOR said the transaction will result in 8,971,220 share subscription warrants being issued to J.P. Morgan, with each warrant entitling the holder to subscribe for two new SCOR ordinary shares, subject to a 10% limit tied to the company’s outstanding ordinary shares on the relevant issuance date.
The subscription price is €0.001 per warrant, for a total subscription price of €8,971.22, SCOR said.
In its disclaimer, SCOR said the shares could be sold into the market soon after issuance, which it said “may create strong downward pressure” on the company’s share price.
The contingent capital renewal also sits alongside other capital-markets-linked activity tied to the group. SCOR Investment Partners said its insurance-linked securities platform surpassed US$5 billion in assets under management, pointing to continued institutional demand for catastrophe-linked risk as a separate channel from traditional reinsurance balance sheets.
