Exhibit 7



                  [ Dillon, Read & Co. Inc. Letterhead ]


                                                        November 2, 1995

SCOR U.S. Corporation
Two World Trade Center, 23rd Floor
New York, New York 10048-0178


Attention: Special Committee of the Board of Directors

Gentlemen:

You have advised us that SCOR S.A. ("SCOR S.A.") proposes to acquire all of the
publicly held outstanding common stock, par value $0.30 per share, (the 
"Shares") of SCOR U.S. Corporation (the "Company") not currently held by SCOR
S.A. from the holders thereof (the "Selling Shareholders") at a purchase price 
of $15.25 per share (the "Transaction"). You have requested our opinion as to
whether the consideration to be paid pursuant to the Transaction is fair to the
Selling Shareholders, from a financial point of view, as of the date hereof.

In arriving at our opinion, we have, among other things: (i) reviewed certain 
publicly available business and financial information relating to the Company;
(ii) reviewed the reported price and trading activity for the Shares of the 
Company; (iii) reviewed certain internal financial information and other data
provided to us by the Company relating to the business and prospects of the 
Company, including financial projections prepared by the management of the 
Company; (iv) conducted discussions with members of the senior management of 
the Company; (v) reviewed the financial terms, to the extent publicly
available, of certain acquisition transactions which we considered relevant;
(vi) reviewed publicly available financial and securities market data pertaining
to certain publicly-held companies in lines of business generally comparable 
to those of the Company; and (vii) conducted such other financial studies, 
analyses and investigations, and considered such other information as we deemed
necessary and appropriate.

In connection with our review, with your consent, we have not assumed any
responsibility for independent verification of any of the foregoing information
and have relied upon it being complete and accurate in all material respects.
We have not been requested to and have not made an independent evaluation
or appraisal of any assets or



liabilities (contingent or otherwise) of the Company or any of its subsidiaries,
nor have we been furnished with any such evaluation or appraisal. Further, we 
have assumed, with your consent, that all of the information, including the 
projections provided to us by the Company's management, was prepared in good 
faith and was reasonably prepared on a basis reflecting the best currently
available estimates and judgments of the Company's management as to the future
financial performance of the Company, and was based upon the historical 
performance and certain estimates and assumptions which were reasonable at the
time made. In addition we have not been asked to, and do not express any opinion
as to the after-tax consequences of the Transaction to any Selling Shareholder.
In addition, our opinion is based on economic, monetary and market conditions 
existing on the date hereof.

In rendering this opinion, we are not rendering any opinion as to the value of
the Company or making any recommendation to the Selling Shareholders with
respect to the advisability of voting in favor of the Transaction.

Dillon, Read & Co. Inc. ("Dillon Read"), as part of its investment banking 
business, is engaged in the valuation of businesses and their securities in
connection with mergers and acquisitions, negotiated underwriting, competitive
biddings, secondary distributions of listed and unlisted securities, private
placements and valuations of estate, corporate and other purposes. Dillon Read 
has received a fee for rendering this opinion.

This opinion is being rendered solely to the Special Committee of the Board of
Directors of the Company for its use in evaluating the Transaction and is not 
for the benefit of, nor being rendered to, the Selling Shareholders or any
other person.

Based upon and subject to the foregoing, we are of the opinion that the 
consideration to be received in the Transaction by the Selling Shareholders is 
fair to the Selling Shareholders, from a financial point of view, as of the date
hereof.


                                                      Very truly yours,
                                                      DILLON, READ & CO. INC.

                                                          /s/William P. Powell

                                                      By: William P. Powell
                                                          Managing Director