Scor

Plus all the top news and latest people moves of the week.

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.

The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.

The agency has also cut the carrier’s long-term issuer default rating to A-.

In response, Scor said it is taking all possible steps to improve its profitability.

Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.

The underwriter will be based in London and report to Marie Biggas and Daniel Carreras.

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.

The French carrier has vowed to continue its “selective” reinsurance underwriting strategy.

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.

The group vows to continue remedial work to restore profitability.