SCOR faces scrutiny over ex-chairman’s role in PartnerRe deal

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GlobalData

Mon, Apr 7, 2025, 4:16 AM 1 min read

French authorities person launched a probe into reinsurance institution SCOR implicit its erstwhile chairman’s relation successful transportation with Covéa group’s acquisition of PartnerRe.

In a statement, the French reinsurer confirmed that it is nether “examination arsenic a ineligible entity successful transportation with a judicial probe successful France related to facts attributed to an relation which allegedly attempted to obstruct the acquisition”.

SCOR said it is being scrutinised owed to the actions of Denis Kessler, who was the non-executive president of its committee astatine the time.

However, the institution has refuted immoderate nonstop oregon indirect engagement and work successful the matter.

The institution further stated that this ineligible scrutiny does not interaction its quality to proceed its operations arsenic usual.

French communal insurer Covéa completed the acquisition of PartnerRe for $9.3bn (€8.48bn) successful currency from Exor successful 2022.

Denis Kessler, who had led SCOR for much than 20 years, passed distant successful 2023.

He transitioned from president and CEO to non-executive president connected 30 June 2021.

In the 4th fourth of 2024, SCOR reported nett income of €233m, up 43.2% from €162m successful the aforesaid 4th of 2023.

However, for the full-year 2024, the institution posted nett income of €4m, a 99.5% alteration from €812m successful 2023.

The institution attributed this diminution to the 2024 beingness and wellness presumption review, which resulted successful a important pre-tax deduction of €700m successful the security work effect and an further €900m affecting the contractual work margin.

"SCOR faces scrutiny implicit ex-chairman’s relation successful PartnerRe woody " was primitively created and published by Life Insurance International, a GlobalData owned brand.

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