Scor
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The French carrier has replaced Laurent Rousseau with Swiss Re’s Thierry Léger - midway through a remedial journey. Can a third CEO in two years resolve the carrier’s issues? -
The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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In response, Scor said it is taking all possible steps to improve its profitability.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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The underwriter will be based in London and report to Marie Biggas and Daniel Carreras.
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The French reinsurer’s Q3 update details its extensive remedial efforts – but with the impact yet to be felt, it is still vulnerable to takeover.
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The French carrier has vowed to continue its “selective” reinsurance underwriting strategy.
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Martine Gerow’s mandate will last for the remainder of Kory Sorenson’s term, which comes to a close at the end of the general meeting in 2023.
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The group vows to continue remedial work to restore profitability.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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