Scor
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The carrier reports lower-than-expected life claims linked to the pandemic.
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First-half executive commentary also reveals Hannover Re is allocating capital for growth as Scor continues portfolio review. -
The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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The carrier's P&C unit swings EUR111mn into the black in Q2 as the combined ratio deteriorates 17 points.
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The ACPR edict adds pressure on Scor and Covea.
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Carrier says it will propose new CEO well in advance of 2021 AGM.
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The activist investor has called on the Scor board to consider a merger.
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Christian Stanley will be its underwriting insight head and Christian Vandoorne its terrorism and political violence head.
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The activist investor and 0.4% Scor shareholder demands the chief’s dual role is split and a strategic review is undertaken.
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Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
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The carrier said advice given by European regulators on carriers’ response in the crisis was a key factor in the decision.
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The mutual’s retreat reduces the prospect of a sale of its Scor stake.
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