Scor
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The reshuffling of the leadership team marks the first big management decisions made by new CEO Laurent Rousseau. -
Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
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The carrier may also take the opportunity to re-risk its ‘prudent’ investment portfolio.
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Experts also welcomed the impact of the Covea life transaction on first-half earnings.
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The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.
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He worked for eight years at the French firm, where he oversaw the strategic direction of its ILS business.
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The new CEO will work with colleagues across the company to write a “new page of history” for the French reinsurer.
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The reinsurer’s new CEO Laurent Rousseau secured 99.54% of shareholders’ votes for the role at a general meeting, while 91.27% backed Denis Kessler as chairman.
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The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.
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The reinsurer was suing Barclays over its role as adviser to Covea during its failed Scor takeover.
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The deal removes the overhang risk associated with the Covea’s nearly 8.5% stake in the reinsurer.
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Kessler and Derez will each get something they want from the deal, which will also clean the slate for incoming CEO Rousseau.
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