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Exhibit 4.5 Term Sheet relating to
the principal terms and conditions of Amendment N°4 to the
facilitydated December 26, 2002 by and between: - SCORE
    - BNP PARIBAS
    - CREDIT INDUSTRIEL ET COMMERCIAL
    - NATEXIS BANQUES POPULAIRES
    - CALYON
    - WESTLB AG
    - CDC FINANCE  CDC IXIS
    - CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET DILE DE FRANCE WESTLB AG has, by a letter dated August 10, 2004, notified BNP Paribas (the Issuing Bank) of its
decision to withdraw from the contract dated December 26, 2002 (as modified by the respective
amendments of April 17, 2003, November 13, 2003, and September 8, 2004) by which the Issuing Bank
and the other above-mentioned banks (the Participating Banks) have granted to SCOR Vie a line of
credit utilizable through the issue of letters of credit and participations. The Participating Banks share the stakes, as from January 1st, 2005, as follows: BNP Paribas
CAYLON
Natexis Banques Populaires
CIC
CDC Finance  CDC Ixis
CRCAM de Paris et dIle de France
    
    33%
23%
17%
15%
7%
5%
 As of January 1st, 2005, the
maximum amount of the facility made available for SCOR is
reduced to $115,000,000. as a result of a partial waiver of the opening of credit on the part of
SCOR. The new term of the contract has been set on December 31, 2005. Utilization
feeNon-utilization fee
    
    0.15% per year
0.06%
 Contract extension fee 0.045% (flat) Issue commission
    
    US$400 (excluding tax)
 (payable to the Issuing Bank each time a standby letter of credit is issued) Late interest
    
    LIBOR US$ overnight + 2% per year.




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Amendments to the Contract (Amendment N°4 is subject to the prior written consent of the respective
credit committees of the Issuing Bank and the Participating Banks) : Definitions
    
    The definition of « Filiales Principales »A material adverse change (MAC) clause has been inserted
by Amendment N°1 in the facility agreement.Representations
    
    A few representations have been amended, in order to
update the provisions re: collateral/security and sale
of shares.Covenants
    
    The following covenants have been updated (among others)
which relate to SCOR and its main subsidiaries :Amendment of article 10.1 (a), (b) et (c) : remittance
of the financial statements 5 months at the latest after
the fiscal year ends ; remittance of half-year and
quarterly the financial statements 3 months at the
latest after the semester or the quarter ends ;Amendment of article 10.1 (g) : (i) obligation to inform
the Banks of any sale of substantial assets above
EUR 50,000,000 made by SCOR S.A. and (ii) obligation to
inform the Banks of any sale of substantial assets above
$75,000,000 made by SCORs main subsidiaries ;Amendment of article 10.2 (i) :
negative pledge(except
collateral/security resulting from the law, real
collateral given to Naxetis Banques Populaires, existing
collateral, collateral given in the normal course of
reinsurance activities and other collateral for an
aggregate amount below 250,000,000 as from the entry
into Amendment N°4 ;Amendment of article 10.2 (j) (personal collateral and
guaranties) : addition of a new paragraph (iv) : authorization of collateral to be given for an aggregate
amount below 125,000,000 as from the entry into
of Amendment N°4 ;Amendment of article 10.6 (sale of assets) : the sale of
SCOR VIE is not allowed without the prior consent of the
majority of the Participating Banks.Amendment of article 10.15 (Reduction of the share
capital) : authorization of the share repurchases
effected pursuant to articles L.225-208 and L.225-209 of
the French Code of Commerce.Events of Default
    
    Amendment of the following Events of Default :Cross default : threshold has been raised to 50,000,000 ; possibility to avoid the cross default
provisions by establishing that an agreement




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has been entered into with the creditors; the cross-default provisions
resulting from the SCOR VIE Contract have been maintained without any
applicable thresholdThe threshold for seizures and registered claims has been raised to 30,000,000The cross-default provisions resulting from the Contract have been
maintainedCollateral/security
    
    The existing collateral/security have been maintained, it being specified that
the legal documentation relating thereto will have to be amended in order to take into account
the changes that occurred since their constitution.