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Reinsurance News


SCOR’s portfolio pricing “back at the 2014 level,” says P&C CEO Victor Peignet

15th October 2018

SCOR’s overall portfolio pricing is “now almost back at the 2014 level” in terms of technical ratio, and at the 2015 level for the return on risk-adjusted capital, according to Victor Peignet, Chief Executive Officer (CEO) of SCOR Global P&C. Speaking in an interview with Reinsurance News, Peignet said that SCOR ... Read the full article

SCOR shares rise 19% as deal anticipation builds: J.P. Morgan

9th October 2018

SCOR shares have risen 19% since French insurance group Covéa first revealed its interest in acquiring the reinsurer, and are now approaching the €43 share price offered by Covéa’s initial €8.2 billion (US $9.6 billion) bid, according to J.P. Morgan. Analysts at the firm believe this continued strong price action ... Read the full article

SCOR may pursue PartnerRe deal following Covéa offer, says Berenberg

2nd October 2018

Analysts at investment bank Berenberg have said that French reinsurance giant SCOR may pursue a merger deal with Bermudian reinsurer PartnerRe as a defence strategy following the rejection of what SCOR considered to be a “hostile and unfriendly” €8.2 billion (US $9.6 billion) takeover bid from Covéa last month. SCOR ... Read the full article

SCOR should not accept offer below €50 per share, says Amber Capital investor

1st October 2018

Joseph Oughourlian, Founder and Managing Partner of long-time SCOR investor Amber Capital, has told the Financial Times that he believes SCOR was right to reject Covéa’s €8.2 billion (US $9.6 billion) acquisition bid, which valued SCOR’s shares at €43 per share. Oughourlian, whose company has been an investor in Scor ... Read the full article

SCOR reaffirms rejection of ‘hostile’ Covéa takeover

28th September 2018

French reinsurance giant SCOR has released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer of €8.2 billion (US $9.6 billion), and has called for Thierry Derez, Chief Executive Officer (CEO) of Covéa, to permanently resign from SCOR’s Board of Directors. SCOR said that a meeting of ... Read the full article

Covéa CEO temporarily steps down from SCOR’s Board

27th September 2018

Thierry Derez, Chairman and Chief Executive Officer (CEO) of Covéa, is to temporarily step down from SCOR’s Board of Directors following the rejection of an €8.2 billion (US $9.6 billion) acquisition offer made by Covéa last month. Covéa said that Derez would withdraw from the Board until the 2019 annual shareholders’ ... Read the full article

SCOR CEO Denis Kessler responds to growing investor pressure

24th September 2018

Denis Kessler, Chairman and Chief Executive Officer (CEO) of SCOR, has responded to a letter from activist investor CIAM, which urged the company’s management to continue negotiations with French insurance group Covéa following SCOR's rejection of a €8.2 billion (US $9.6 billion) acquisition offer. Catherine Berjal, President of CIAM, suggested ... Read the full article

SCOR commits to value creation following Covéa offer

19th September 2018

SCOR has reiterated its commitment to continue creating value for its long-term shareholders following an €8.2 billion (US $9.6 billion) acquisition offer from French insurance group Covéa, which was rejected unanimously by SCOR’s Board of Directors. The reinsurer recently came under fire from shareholders such as French investment fund ... Read the full article

SCOR’s Channel Syndicate partners with InsurTech start-up on invoice protection

19th September 2018

SCOR Global P&C’s Channel Syndicate has partnered with InsurTech start-up Hokodo to provide an invoice protection product to small and medium sized businesses. The partnership will see the Channel Syndicate and SCOR Global P&C develop a range of insurance products which will then be underwritten and distributed using Hokodo’s innovative distribution ... Read the full article

SCOR & Covéa rumours continue, as activist investors mobilise

19th September 2018

French insurance group Covéa is continuing to examine new approaches to a potential acquisition of SCOR after its offer of €8.2 billion (US $9.6 billion) was rejected last month, while pressure mounts for SCOR as activist investors urge CEO Denis Kessler to engage in talks. Sources at Reuters said that ... Read the full article

SCOR negotiating sale of Rehalto subsidiary to Workplace Options

17th September 2018

French reinsurance giant SCOR has announced that it is in exclusive negotiations with the employee support services provider Workplace Options concerning a worldwide distribution partnership agreement and the sale of SCOR Global Life’s employee wellness solutions subsidiary, Rehalto. A partnership with Workplace Options would enhance SCOR Global Life’s global offering of ... Read the full article

SCOR showing strong progress across key growth areas: Laurent Rousseau

12th September 2018

SCOR has made strong progress over H1 2018 in all four of its core growth areas; the U.S, international (including Lloyd’s), SCOR Business Solutions big ticket insurance business, and its MGA business, according to Laurent Rousseau, Deputy Chief Executive Officer (CEO) of SCOR Global P&C. Speaking with Reinsurance News, Rousseau outlined ... Read the full article

The cycle has “disappeared,” says SCOR’s Denis Kessler

11th September 2018

Denis Kessler, Chairman and Chief Executive Officer (CEO) of French reinsurance giant SCOR, has said that it is his “strong conviction” that the reinsurance pricing cycle has “disappeared” and is unlikely to return. Speaking during a debate on the third day of the Reinsurance Rendezvous event in Monte Carlo, Kessler acknowledged ... Read the full article

Innovation key to London ILS success: GC Securities’ Des Potter

10th September 2018

With the UK having updated its insurance-linked securities (ILS) regulatory and tax regime last year in an effort bolster its competitiveness throughout the transition out of European Union membership, the Managing Director of GC Securities, Des Potter, has discussed how London can build on its early success and become an ... Read the full article

Re/insurers are not mastering cyber: SCOR’s Victor Peignet

10th September 2018

French reinsurance giant SCOR does still not feel that the re/insurance industry has mastered cyber to a level where it is able to underwrite on a big scale. Speaking in Monte Carlo today at the Reinsurance Rendez-vous, Victor Peignet, CEO of SCOR’s Global P&C division explained that, while they’ve been putting ... Read the full article

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