French reinsurance giant SCOR has announced this morning that it is to acquire the remaining shares of MutRé S.A., a reinsurer that SCOR has held a 33% stake in since 1998.
MutRé S.A. is a mutual reinsurer, established to serve the social economy in France and a particularly major player in the country’s health reinsurance marketplace.
SCOR helped to launch the company as a 33% shareholder and also a major technical and commercial partner in the mutual reinsurance operation.
SCOR said today that it has signed an agreement with the Fédération nationale de la Mutualité Française and Matmut that will see it acquire 100% of the shares of MutRé S.A. Agreement from MutRé’s other shareholders (which represent around 15% of MutRé’s capital) is expected by October 2017, the company said.
SCOR said that the acquiring MutRé will help it to strengthen its Life and Health reinsurance offering to the French Mutual insurance market, and the deal will be accretive to SCOR’s ROE and earnings per share.
The company also said the acquisition is “consistent with the Group’s strategic pillars and the objectives set out in its strategic plan “Vision in Action”, and fully respects SCOR’s relationships with its mutual insurance partners.”
The acquisition is expected to be finalised as soon as January 2018.