##### 



Exhibit 1

GLOSSARY OF SELECTED TERMS



|                                     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Accounting year                      |  | The companys fiscal year in which the
    accounts are recorded. Because of the time required to transmit
    information for a given period of cover, the ceding
    companys accounting year may differ from that of the
    reinsurer. For reinsurers such as SCOR wishing to calculate
    their results more rapidly, estimates are made for the accounts
    of ceding companies for the last quarter or quarters not yet
    received at closing date.   
|                                    
|Actuarial analyses; actuarial models |  | Evaluation of risks in order to attempt to assure
    that premiums and loss reserves adequately reflect expected
    future loss experience and claims payments; in evaluating risks,
    mathematical models are used to predict future loss experience
    and claims payments based on past loss ratios and loss
    development patterns and other relevant data and assumptions.                                                                            
|                                    
|Accident year                        |  | The accounting year, in which loss events occur,
    regardless of when the losses are reported, booked or paid.                                                                                                                                                                                                                                                                                                                                                  
|                                    
|Additional reserves                  |  | Reserves set aside by the reinsurer over and
    above the amount indicated by the insurer. They are intended to
    cover claims incurred but not reported (IBNR), and
    underestimated claims (IBNER  incurred but not enough
    reserved).                                                                                                                                                                                                                 
|                                    
|Adverse development                  |  | Losses for which estimations of ultimate incurred
    losses and allocated LAE are proven inadequate. Increases in
    incurred losses as a result of adverse development are
    recognized in financial statements in the period of the change.                                                                                                                                                                                                                 
|                                    
|Alternative risk transfer, ART       |  | A concept covering the financing of risks through
    programmes other than the traditional insurance, using a
    combination of capital markets, investment banking, and
    reinsurance.                                                                                                                                                                                                                                                                       
|                                    
|Attachment point                     |  | The amount of losses above which excess of loss
    reinsurance becomes operative.                                                                                                                                                                                                                                                                                                                                                                                
|                                    
|Bancassurance; Bank insurance        |  | The sale, marketing and promotion of insurance
    products by banks. Initially appeared in Europe in the
    1980s, the term extended over the years to describe
    relationships between insurance companies and banks whereby the
    banks network of branches, contacts and/or marketing or
    client information are used to distribute Property-Casualty and
    personal insurance products manufactured and administrated by
    insurance companies.
|                                    
|Broker distribution                  |  | Reinsurance that is marketed and sold to ceding
    companies through reinsurance brokers.                                                                                                                                                                                                                                                                                                                                                                        
|                                    
|Capacity                             |  | Maximum amount of insurance or reinsurance
    available to cover risks for a company or for an entire market.
    An insurers capacity generally depends on its share
    capital and reserves, and on its premium income.                                                                                                                                                                                                                                      
|                                    
|Case reserves                        |  | Loss reserves established with respect to
    individual reported claims.                                                                                                                                                                                                                                                                                                                                                                                         

E-1



---



##### 





|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Casualty insurance                |  | Insurance which is primarily concerned with the
    losses caused by injuries to third persons (in other words,
    persons other than the policyholder) and the legal liability
    imposed on the insured resulting there from.                                                                                                                                                                                                                                                   
|                                 
|Catastrophe equalization reserves |  | Premium revenue deferred to future periods to
    provide against future catastrophes.                                                                                                                                                                                                                                                                                                                                                                                              
|                                 
|Ceded; cedent; ceding company     |  | When a company reinsures its risk with another,
    it cedes business and is referred to as the
    ceding company, the cedent or the
    reinsured.                                                                                                                                                                                                                                                                                                                        
|                                 
|Class of business                 |  | A homogeneous category of insurance. Since 1985,
    French reinsurers have utilized a uniform presentation that
    distinguishes between life, fire, crop hail, credit and surety,
    other risks, third party liability, motor, marine and aviation
    classes. The last eight of these form the general class of
    Property-Casualty business. English-speaking markets generally
    distinguish between Casualty (liability insurance) and Property
    (damage to goods).
|                                 
|Combined ratio                    |  | A combination of the underwriting expense ratio
    and the loss and LAE ratio, determined in accordance with GAAP.
    A combined ratio below 100% generally indicates profitable
    underwriting prior to the consideration of investment income. A
    combined ratio over 100% generally indicates unprofitable
    underwriting prior to the consideration of investment income.                                                                                              
|                                 
|Credit and surety insurance       |  | Credit insurance provides cover against loss to a
    supplier caused by customer insolvency. Surety insurance is a
    commitment to a bondholder to substitute for his debtor in case
    of default by the latter.                                                                                                                                                                                                                                                               
|                                 
|Decennial insurance               |  | Decennial insurance provides cover to building
    owners and construction companies against losses caused by
    structural defects in new buildings resulting from inherent
    defects in design, construction or the materials employed. In a
    number of countries, including France, such coverage is required
    as a matter of law. It is generally granted for a period of ten
    years after the completion of construction.                                          
|                                 
|Deposit                           |  | Amount deposited to guarantee the
    reinsurers commitment vis-a-vis the ceding company. Cash
    deposits generally earn interest at a rate agreed at the time of
    writing the business. Income from securities deposited accrues
    to the reinsurer.                                                                                                                                                                                                                       
|                                 
|Direct distribution               |  | Reinsurance that is marketed and sold directly to
    ceding companies without the assistance of brokers or other
    intermediaries.                                                                                                                                                                                                                                                                                                                                               
|                                 
|Earned premiums                   |  | Amount of premium (calculated on a risk exposure
    or time apportion basis) corresponding to the expired portion of
    risk or time for which the reinsured policy(ies) was/were in
    effect.                                                                                                                                                                                                                                                                                  
|                                 
|Excess of loss reinsurance        |  | A generic term describing reinsurance which
    indemnifies the reinsured against all or a specified portion of
    losses on underlying insurance contracts in excess of the ceding
    companys retention. Also known as non-proportional
    reinsurance.                                                                                                                                                                                                                       

E-2



---



##### 





|                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Expense ratio; underwriting expense
    ratio       |  | Operating expenses as a percentage of net
    premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                   
|Facultative reinsurance                             |  | The reinsurance of all or a portion of the
    insurance provided by a single contract. Each contract reinsured
    is separately negotiated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                   
|Gross premiums written                              |  | Total premiums for insurance written and
    reinsurance assumed during a given period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                   
|Group policy                                        |  | A single insurance policy that provides cover
    against death, accident and sickness for several persons forming
    a homogeneous group, generally belonging to a single company or
    association.                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                   
|Incurred but not reported reserves
    (IBNR)     |  | Loss reserves for estimated losses and LAE, which
    have been incurred, but which have not yet been reported to the
    insurer or reinsurer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                   
|Loss                                                |  | Event that triggers insurance cover. An event or
    series of events arising from a particular cause which gives
    rise to an insured or reinsured loss. Depending on the wording
    of the reinsurance agreement, such event may also
    include continuous exposure to conditions giving rise to losses,
    which may be generated under certain forms of Casualty insurance
    coverage. For coverage purposes, particularly under Catastrophe
    Excess agreements, the definition of occurrence may be
    restricted or expanded to include claims within a certain period
    of time (e.g. 72 hours) as one occurrence.
|                                                   
|Loss experience                                     |  | Ratio of total cost of claims for the year to
    total earned premiums.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                   
|Loss adjustment expenses
    (LAE)                |  | The expenses of settling claims, including legal
    and other fees and the portion of general expenses allocated to
    claim settlement costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                   
|Loss ratio; loss and LAE ratio                      |  | Losses and LAE incurred as a percentage of net
    premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                   
|Loss reserves                                       |  | Liabilities established by insurers and
    reinsurers to reflect the estimated cost of claims payments that
    the insurer or reinsurer will ultimately be required to pay in
    respect of insurance or reinsurance it has written. Loss
    reserves are established for losses and LAE, and consist of case
    reserves and IBNR reserves.                                                                                                                                                                                                                                                                                        
|                                                   
|Low or working layer excess of loss
    reinsurance |  | Reinsurance that absorbs the losses immediately
    above the reinsureds retention layer. A low layer excess
    of loss reinsurer will pay up to a certain monetary amount at
    which point a higher layer reinsurer or the ceding company will
    be liable for additional losses. Also known as working layer
    reinsurance.                                                                                                                                                                                                                                                                                                    
|                                                   
|Morbidity                                           |  | The relative incidence of disability or sickness
    due to disease or physical impairment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                   
|Mortality                                           |  | The relative incidence of death of life insureds
    or annuitants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                   
|Net premiums earned                                 |  | The portion of net premiums written during or
    prior to a given period that is recognized for accounting
    purposes as income during such period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

E-3



---



##### 





|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net premiums written              |  | Gross premiums written for a given period less
    premiums ceded to retrocessionaires during such period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                 
|Non-proportional reinsurance      |  | Reinsurance contract written to protect the
    ceding company from all or part of claims in excess of a
    specified amount retained (priority). Also called Excess of Loss
    or Stop Loss reinsurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                 
|Probable maximum loss
    (PML) |  | The estimated anticipated maximum loss, taking
    into account ceding company and contract limits, caused by a
    single catastrophe affecting a broad contiguous geographic area,
    such as that caused by a hurricane or earthquake of such a
    magnitude that it is expected to recur once during a given
    return period, such as every 50, 100 or 200 years.                                                                                                                                                                                                                                                                                                                        
|                                 
|Primary insurer                   |  | An insurance company that issues insurance
    contracts to the public generally or to certain non-insurance
    entities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                 
|Property insurance                |  | Insurance that provides coverage to a person with
    an insurable interest in tangible property for that
    persons property loss, damage or loss of use.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                 
|Pro rata reinsurance              |  | A generic term describing all forms of
    reinsurance in which the reinsurer shares a proportional part of
    the original premiums and losses of the reinsured. (Also known
    as proportional reinsurance, which includes quota share and
    surplus share reinsurance.)                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                 
|Pure premium                      |  | Premium equal to the statistical estimate of the
    risk covered by the insurer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                 
|Reinstatement                     |  | A provision in an excess of loss reinsurance
    contract, particularly catastrophe and clash covers, that
    provides for reinstatement of a limit which had been reduced by
    the occurrence of a loss or losses. The number of times that the
    limit can be reinstated varies, as does the cost of the
    reinstatement.                                                                                                                                                                                                                                                                                                                                                               
|                                 
|Reinstatement premiums            |  | Additional premiums charged under certain excess
    of loss reinsurance contracts to restore coverage to original
    coverage amounts after a loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                 
|Reinsurance                       |  | The practice whereby one party, called the
    reinsurer, in consideration of a premium paid to it, agrees to
    indemnify another party, called the reinsured or ceding company,
    for part or all of the liability assumed by the reinsured under
    a contract or contracts of insurance which it has issued.
    However, the legal rights of the insured generally are not
    affected by the reinsurance transaction and the insurance
    enterprise issuing the insurance contract remains liable to the
    insured for payment of policy benefits. The reinsured may be
    referred to as the original or primary insurer, the direct
    writing company, or the ceding company.
|                                 
|Retention; retention level        |  | The amount or portion of risk which an insurer or
    reinsurer retains for its own account. Losses in excess of the
    retention level are paid by the reinsurer or retrocessionaire.
    In proportional treaties, the retention may be a percentage of
    the original contracts limit. In excess of loss business,
    the retention is a fixed monetary amount of loss, a loss ratio
    or a percentage of the loss.                                                                                                                                                                                                                                                                    

E-4



---



##### 





|                                                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Retrocession                                                    |  | A transaction whereby a reinsurer cedes to
    another reinsurer (the retrocessionaire) all or part
    of the reinsurance it has assumed. Retrocession provides
    reinsurers with benefits similar to those which reinsurance
    provides to ceding companies. Retrocession does not legally
    discharge the ceding reinsurer from its liability with respect
    to its obligations to the reinsured.                                        
|                                                               
|Tail                                                            |  | The period of time that elapses between either
    the writing of the applicable insurance or reinsurance policy or
    the loss event (or the insurers or reinsurers
    knowledge of the loss event) and the payment in respect thereof.
    A short-tail product is one where ultimate losses
    are known comparatively quickly; ultimate losses under a
    long-tail product are sometimes not known for many
    years.                 
|                                                               
|Treaty reinsurance                                              |  | The reinsurance of a specified type or category
    of risks defined in a reinsurance agreement (a
    treaty) between a primary insurer or other reinsured
    and a reinsurer. Typically, in treaty reinsurance, the primary
    insurer or reinsured is obligated to offer and the reinsurer is
    obligated to accept a specified portion of all such type or
    category of risks originally written by the primary insurer or
    reinsured.
|                                                               
|Underwriting                                                    |  | The insurer or reinsurers process of
    reviewing applications submitted for insurance or reinsurance
    coverage to determine whether to accept all or part of the
    coverage requested and determining the applicable rates, terms
    and conditions.                                                                                                                                                                                         
|                                                               
|Underwriting capacity                                           |  | The maximum amount that an insurance or
    reinsurance company can underwrite. The limit is generally
    determined by the companys retained earnings and
    investment capital. Reinsurance serves to increase a
    companys underwriting capacity by reducing its exposure
    from particular risks.                                                                                                                                         
|                                                               
|Underwriting cycle                                              |  | Pattern in which property and casualty insurance
    and reinsurance premiums, profits and availability of coverage
    rise and fall over time.                                                                                                                                                                                                                                                                                                      
|                                                               
|Underwriting expenses                                           |  | The aggregate of policy acquisition costs,
    including commissions, and that portion of administrative,
    general and other expenses attributable to underwriting
    activities.                                                                                                                                                                                                                                                                 
|                                                               
|Underwriting year                                               |  | An underwriting year reinsurance contract
    reinsures losses incurred on underlying insurance policies that
    begin at any time during the reinsurance contract term. This
    means, for example, that, if both the underlying insurance
    contracts and the reinsurance contract have twelve-month terms,
    the reinsurance contract will cover underlying losses occurring
    over a twenty-four month period.                            
|                                                               
|Unearned premium                                                |  | The portion of a premium allocated to the
    unexpired portion of the contract term as of a certain date.                                                                                                                                                                                                                                                                                                                                            
|                                                               
|U.S. Generally Accepted Accounting
    Principles (U.S. GAAP) |  | United States accounting principles as set forth
    in opinions of the Accounting Principles Board of the American
    Institute of Certified Public Accountants and/or in statements
    of the Financial Accounting                                                                                                                                                                                                                                

E-5



---



##### 



|                             |  |                                                                                                                                                                                                                                                                                                      
|---------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                             |  | Standards Board and/or their respective
    successors and which are applicable in the circumstances as of
    the date in question.                                                                                                                                                                 
|                            
|Working layer excess of loss |  | See low or working layer excess of loss
    reinsurance.                                                                                                                                                                                                                                           
|                            
|Written premiums             |  | Premiums recorded in the accounts that the
    insurer transmits to the reinsurer. They are divided into two
    parts: earned premiums, which appear on the credit side of the
    operating statement; and unearned premiums, which appear as a
    reserve under liabilities in the balance sheet.

E-6