Scor
-
The reinsurer was suing Barclays over its role as adviser to Covea during its failed Scor takeover.
-
The deal removes the overhang risk associated with the Covea’s nearly 8.5% stake in the reinsurer.
-
Kessler and Derez will each get something they want from the deal, which will also clean the slate for incoming CEO Rousseau.
-
A settlement allows the mutual an “orderly exit” from the reinsurer’s share capital and removes a major distraction from incoming Scor CEO Laurent Rousseau.
-
State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
-
He will continue to serve in his current position as CUO.
-
The activist has made public a letter sent to the chair of Scor’s nomination and remuneration committee as it follows through on a threat to vote down key AGM proposals.
-
In a statement on Thursday, Scor said it “acknowledges and welcomes” the findings from the French authority, calling the original allegations “a groundless move”.
-
The French carrier’s newly announced successor to Denis Kessler will be charged with taking growth to the next phase.
-
Denis Kessler will cease to be CEO from the end of June this year for personal reasons, a year earlier than planned.
-
Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
-
The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
