SCOR is under the microscope today, with press rumours now circulating following the initial reveal that mutual insurance group owner Covéa had approached the firm with an acquisition offer, which SCOR turned down.
SCOR quickly said that its Board decided to decline the approach from insurance group Covéa as it was “fundamentally incompatible with SCOR’s strategy of independence.”
But now the reinsurer has been forced to deny another rumour, after French business publication BFM reported that SCOR has been in talks with a potential partner from the reinsurance sector for some months.
BFM said that, according to several of its sources, SCOR has been in discussions with independent pure-play reinsurer PartnerRe, which is owned by the Agnelli family’s holding company, the EXOR group.
As a result of this rumour, SCOR has been quick to come out with a denial, explaining that it, “Formally denies the claim on the BFM business website that the Group has been in discussions with another partner for several months.
“Contrary to this assertion, SCOR has held no discussions with Partner Re or any other company.”
A SCOR and PartnerRe tie-up would be interesting of course, as so too would have been a deal with Covéa.
But with the Board and leadership of SCOR seemingly determined to go it alone, it seems anything other than a hostile approach is likely to be denied as well.