Scor

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.

The French carrier grew its top line by 14.3% at the April renewals.