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Exhibit 1

The following is a translation from French into
English of SCORs Statuts, or bylaws, as amended in
conformity with the May 15, 2003 board of directors
meeting.

ARTICLE 1  FORM

The company is a public limited company, governed
by current and future law and by this Memorandum and Articles of
Association.

ARTICLE 2  NAME

The companys name is SCOR.

The company was founded in 1855 under the name
COMPAGNIE IMPERIALE DES VOITURES DE PARIS and in
1866 became a public limited company under the name
COMPAGNIE GENERALE DES VOITURES A PARIS. In 1977,
the company adopted the name C.G.V. (Compagnie
Générale des Voitures à Paris). The name
SCOR S.A. was adopted in 1989 and the name
SCOR in 1996.

ARTICLE 3  CORPORATE AIMS

The aims of the company, either directly or
indirectly, and in all countries, are as follows:



|   |                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|a) | insurance, reinsurance, cession or retrocession
    business of any nature in all classes and in all countries;
    transfer in any form of reinsurance contracts or liabilities of
    any French or foreign company, organisation, entity or
    association; creation, acquisition, rental, lease, installation
    and operation of any undertaking for the purpose of carrying on
    such business;
|  
|b) | construction, rental, operation or purchase of
    any building;                                                                                                                                                                                                                                                                                                                                         
|  
|c) | acquisition and management of all securities and
    other equity rights by any means including but not limited to
    subscription for, transfer or acquisition of shares, bonds,
    interests in private companies or partnerships and other equity
    rights;                                                                                                                                       
|  
|d) | acquisition of equity investments or interests in
    any industrial, commercial, agricultural, financial, securities
    and real estate or other undertaking, formation of any company,
    participation in any increases of capital, mergers, break-ups
    and partial conveyances;                                                                                                                 
|  
|e) | administration, management and control of any
    company or other undertaking, direct or indirect participation
    in all transactions carried out by such companies or
    undertakings by any means and including but not limited to
    direct or indirect participation in any company or equity
    investment;                                                                                   

And generally all such industrial, commercial,
financial, securities and real estate transactions as may
pertain to the above stated aims or as may facilitate the
implementation or pursuit thereof.

ARTICLE 4  REGISTERED
OFFICE

The companys registered office is located
at 1, Avenue du Général de Gaulle, 92800 PUTEAUX.

It may be moved to any place within the same or
an adjacent department by resolution of the Board of Directors
subject to ratification by the shareholders at the next Annual
General Meeting.

ARTICLE 5  TERM

The term of the company expires on 30 June
2024, unless dissolved earlier or extended by extraordinary
resolution of the shareholders.

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ARTICLE 6  CAPITAL

The authorised capital is 520,235,859 euros,
divided into 136,544,845 shares with a par value of
EUR 3,81 each.

ARTICLE 7  FORM, TRANSFER, AND
CONVEYANCE OF SHARES

Fully paid shares may either be registered or
bearer shares depending on the choice of the shareholder.

The Company may at all times request information
from the securities clearing house in order to identify, under
the applicable legal and regulatory conditions, the holders of
securities granting the immediate or eventual right to vote in
its Shareholder Meetings, as well as the quantity of securities
held by each and, if relevant, the restrictions that can be
imposed on them.

Registered shares are transmitted by wire
transfer to the relevant share accounts in accordance with the
terms and conditions set forth by law.

In addition to the information required by law
from Shareholders with a direct or indirect stake in the
Companys capital, all Shareholders are required, subject
to the sanctions provided in articles L 233-14 and
L 233-7 paragraph 6 of the French Code of Commerce, to
inform the Company by registered letter with proof of receipt of
the total number of shares they hold within five working days of
the date of becoming the holder, directly or indirectly, as
described in article L 233-7 paragraph 4 of the
abovementioned Code, of a number of shares in the capital
crossing, upwards or downwards, a threshold corresponding to
2.5% of the capital.

ARTICLE 8  RIGHTS ATTACHED TO
SHARES

Each share shall give the holder one vote at
General Meetings. In addition to a voting right, each share
shall give the holder the right to a share of the companys
net assets, profits or surplus upon liquidation in proportion to
the number and nominal value of shares in issue. On each
occasion that a minimum number of shares is required to exercise
a particular right, holders who do not own the minimum number
may at their own initiative group their shares together for the
purpose of exercising the said right.

ARTICLE 9  PAYMENT OF
SHARES

The Board of Directors shall fix the terms and
conditions of payment for new shares issued for cash as a result
of a resolution to increase the share capital.

Subscribers and shareholders shall be notified of
payment calls on shares not less than fifteen days before the
date appointed for each payment either by a notice placed in the
legal gazette of the locality in which the companys
registered office is situated or by registered personal letter.

If an amount remains unpaid after it has become
due and payable, the person from whom it is due and payable
shall without further formality or notice be charged penalty
interest on the amount unpaid at a rate of 6% per annum, on a
daily basis, with effect from the day it became due and payable
and until payment of such penalty, without prejudice to any
legal action which the company may take against the defaulting
shareholder and any court orders which may be made.

ARTICLE 10  CORPORATE
GOVERNANCE

Irrespective of the number of employees, the
company shall be governed by a Board of Directors composed of
the following:



|   |                                                                                                                                                                                       
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | Directors appointed by the annual general meeting
    of shareholders. Such directors must be natural persons and
    their number shall not be less than nine nor more than eighteen.

Their term of office shall not exceed
6 years.

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Directors or representatives of corporate bodies
may not hold office after the age of 72. A Director reaching the
age of 72 while in office shall retire at the expiry of the term
of office determined at the General Meeting of the Shareholders.



|   |                                                                                                                                                                                
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2. | One director elected by the salaried personnel of
    the Company and that of its direct or indirect subsidiaries
    whose registered office is domiciled in French territory.

The said director shall be elected for three
years.

The status and method of election of this
director are laid down in Article L. 225-27 of the
French Commercial Code and in these Company Articles.

The election shall take place according to the
following timetable:



| |   |                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | notice of the election shall be given six weeks
    before the date of the ballot,                                                                        
|
| |  | candidatures should be registered four weeks
    before the date of the ballot,                                                                           
|
| |  | the list of candidates and candidatures shall be
    posted three weeks before the date of the ballot,                                                    
|
| |  | documents required for voting by correspondence
    shall be sent out two weeks before the date of the ballot,                                            
|
| |  | the election shall be so organized that the
    second round can take place at the latest fifteen days before
    the end of the outgoing directors term.

The election shall take place by majority vote in
two rounds.

Each candidature shall comprise the name of the
candidate and of his or her replacement.

Lists of candidates and candidatures other than
those presented by a trade union having representative status at
company level must be accompanied by a document containing the
names and signatures of one-twentieth of employees eligible to
vote.

In the event that the maintenance of an
employee-elected director, as provided herein, calls for new
elections to be held, these shall be organized at the earliest
opportunity. The new director thus elected shall assume his or
her duties upon proclamation of the results, and the Board may
validly meet and vote until that date.

Each director, whether elected by the General
Meeting of Shareholders or by the personnel, shall own at least
one share throughout his or her term of office.

ARTICLE 11  PROCEEDINGS OF THE
BOARD OF DIRECTORS

Notice of meetings of the Board of Directors may
be given in any manner whatever, including verbally. The Board
of Directors shall transact business in accordance with the
quorum and voting majority required by law. In the event of a
tied vote, the Chairman shall have the casting vote providing he
is chairing the meeting.

Any Director may attend a meeting of the Board of
Directors and participate therein by videoconference as provided
in applicable regulations.

Minutes of each meeting shall be kept and copies
or extracts of resolutions passed shall be issued and certified
in accordance with the law.

ARTICLE 12  POWERS OF THE BOARD OF
DIRECTORS

The Directors may exercise all the powers vested
in them by law.

ARTICLE 13  COMPENSATION OF
DIRECTORS AND CONTROLLERS

The total amount of Directors fees shall be
fixed by ordinary resolution of the shareholders and the
Directors shall split said fees among themselves and where
applicable the controllers as they deem appropriate. The amount
of fees thus fixed shall remain valid until amended by further
resolution of the shareholders.

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The Board may also grant exceptional remuneration
to Directors in the circumstances and under the terms set forth
by law.

ARTICLE 14  ORGANIZATION OF THE
BOARD OF DIRECTORS

The Board of Directors shall elect a Chairman
from among its members.

The Chairman represents the Board of Directors.
He is responsible for organising and directing its work, and
shall report on it to the Annual General Meeting. He is
responsible for the proper functioning of all parts of the
Company.

The age-limit for election to the position of
Chairman is 65 years of age. If the sitting Chairman
reaches this age, he shall retire as a matter of course at the
end of the next Annual General Meeting. As an exception to this
rule, however, the Board of Directors may extend the
Chairmans mandate, when he reaches the age limit, once
only and for a maximum period not exceeding the date of the
Annual General Meeting called to approve the accounts for the
second financial year following the one in which he reaches
65 years of age.

The Board of Directors may appoint a
Vice-Chairman from among its members, whose duties are to call
and chair Board meetings in the absence of the Chairman. He may
also constitute study committees to formulate proposals and
obtain any opinions he may wish to hear.

ARTICLE 15  CHIEF EXECUTIVE
OFFICERS

Responsibility for the management of the Company
lies with either the Chairman of the Board of Directors or
another person reporting to him, nominated by the Board of
Directors and bearing the title of Chief Executive Officer.

Upon the appointment of the Chairman, the Board
of Directors shall choose between the two means of exercising
the role mentioned in the previous paragraph.

When the said role is taken by the Chairman of
the Board of Directors, the provisions of the present article
relating to the Chief Executive Officer shall apply to him.

The Chief Executive Officer shall have full
powers to act in the name of the Company under all
circumstances. In exercising these powers he shall be limited by
the Companys aims and the restrictions explicitly placed
by law on shareholder meetings or the Board of Directors.

He shall represent the Company in its dealings
with third parties.

On the initiative of the Chief Executive Officer
the Board of Directors may appoint up to five Executive Vice
Presidents under the conditions laid down by law. In relation to
third parties, the Executive Vice Presidents shall have the same
powers as the Chief Executive Officer.

Nobody aged over 65 years may be appointed
as Chief Executive Officer or Executive Vice President. If the
sitting Chief Executive Officer or Executive Vice President
reaches this age, he shall retire as a matter of course at the
end of the next Annual General Meeting.

However, the Board of Directors may exceptionally
extend the Chief Executive Officers or Executive Vice
Presidents mandate on one occasion when he reaches the age
limit, for a maximum period which may not exceed the date of the
Annual General Meeting called to approve the accounts for the
second financial year following the one in which he reaches the
age of 65.

ARTICLE 16  CONTROLLERS

The company may by ordinary resolution appoint
controllers comprising one or more members up to a maximum of
four.

Non-voting directors shall be elected for a
period of two years renewable without limit.

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If the controllers comprise fewer than four
members, the Board of Directors may if it deems expedient in the
interests of the company, provisionally appoint one or more
members. In this event, such appointments shall subsequently be
ratified by ordinary resolution of the shareholders.

Equally, if a controllers seat is vacated
between two shareholders Meetings, the Board of Directors
may provisionally appoint a member to fill the vacancy, subject
to subsequent ratification by ordinary resolution of the
shareholders.

The term of office of a controller thus appointed
shall be the same as that of the outgoing member.

No one over the age of 72 may be appointed
as controller. If a controller reaches the age of 72 while in
office, he shall be deemed to have retired at the next Annual
General Meeting.

Controllers shall attend Board Meetings in a
consultative capacity. They may present a report at the
shareholders meetings if they deem it appropriate.

ARTICLE 17  AUDITORS

One or more Statutory Auditors shall be appointed
and shall perform their audit duties in accordance with the law.

Their fees are fixed by law or, failing that, by
ordinary resolution of the shareholders.

ARTICLE 18  SHAREHOLDERS
MEETINGS

Shareholders meetings shall be convened and
shall proceed as prescribed by law.

Meetings shall be held either at the
companys registered office or at any other place indicated
in the notice of meeting.

Any shareholder may attend a Shareholders
Meeting, either in person or by proxy, by giving proof of his
identity and ownership of his shares, whether these are
registered in his name or by presenting a certificate issued by
the approved intermediary holding the shares. The time period
during which shares shall be restricted prior to the date of the
Shareholders Meeting shall be determined by the Board of
Directors.

Subject to the terms and conditions set forth by
law and regulations, shareholders may send their proxies or
votes by correspondence for any shareholders meeting,
either in paper format, or, if approved by the Board of
Directors, by electronic means. The deadline for returning votes
by correspondence shall be determined by the Board of Directors.

The Board of Directors may also determine that
shareholders may participate in and vote at any
shareholders meeting by video conference or by any other
mode of telecommunication permitting shareholders to be
identified, as provided in regulations.

Meetings shall be chaired by the Chairman of the
Board of Directors, or by a Director appointed specifically for
that purpose by the Board.

Minutes of the meeting shall be kept and copies
thereof certified and issued in accordance with the law.

ARTICLE 19  FINANCIAL
YEAR  APPROPRIATION OF PROFIT

Each financial period shall comprise one full
calendar year commencing on 1 January and closing on
31 December of the same year.

Each year, amounts to be transferred to reserves
as provided by law shall be deducted from the net profit for the
year less any prior-year losses where applicable.

Profit available for distribution comprised the
net profit for the year, less prior-year losses and all sums
transferred to reserves pursuant to the law, plus any retained
earnings.

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All or part of the profit available for
distribution may be transferred by ordinary resolution of the
shareholders to any discretionary, ordinary or extraordinary
reserves or again to retained earnings as deemed appropriate.

Any remaining balance shall be divided between
all the shares in proportion to their unredeemed paid-up value.

The company may by ordinary resolution distribute
all or part of the discretionary reserves in the form of a full
or partial dividend or as an exceptional distribution; in this
case, the resolution shall specify the sums to be deducted from
each reserve.

The company may by ordinary resolution take all
steps necessary to give each shareholder the option of receiving
all or part of a dividend or interim dividend in the form of
shares in the company, in accordance with the terms and
conditions set forth by law.

ARTICLE 20  LIQUIDATION

In the event of dissolution of the Company, one
or more liquidators shall be appointed by ordinary resolution of
the shareholders.

The liquidator shall represent the company and
have full powers to realise the Companys assets, including
by voluntary arrangement. The liquidator shall be authorised to
pay the companys creditors and distribute any surplus.

The company may by ordinary resolution authorise
the liquidator to expedite business in progress or to contract
new business for the purposes of completing the liquidation.

Any surplus remaining after repayment of the
nominal value of the shares shall be distributed among the
shareholders in the same proportion as their holding in the
share capital of the company.

ARTICLE 21  DISPUTES

Any disputes relating to the affairs of the
company arising during the term of the company or during its
liquidation, either between the company and its shareholders or
between the shareholders themselves, shall be submitted to the
jurisdiction of the competent courts.

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