Sr. VP François Reach has become the first senior manager to leave France’s SCOR group following the appointment of Denis Kessler last November as the new CEO, succeeding Jacques Blondeau.
Kessler, who also heads the French insurance industry trade group, has embarked on a restructuring plan designed to shore up confidence in SCOR following adverse loss developments, which required strengthening the company’s reserves. SCOR recently successfully completed a 381 million Euro ($402 million) rights offering, and has cut back or discontinued a number of loss making operations.
Reach’s departure is seen as part of an ongoing program to revitalize SCOR’s management, and return the company to profitability. Kessler is expected to announce further management changes in the near future.
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