SCOR Issues Statement as Sompo Backs Out of Share Purchase

French reinsurer SCOR Group issued a statement following the announcement from Sompo Japan Nipponkoa Holdings Inc. that it no longer plans to go through with an agreement to buy a 15 percent stake in SCOR.

SCOR said it “acknowledges the decision taken by Sompo today not to execute its plan announced on 6 March 2015. This plan included the acquisition of 8.1 percent of voting rights in SCOR, and an intention to increase its holding to 15 percent and apply the equity accounting method to its SCOR holding.”

SCOR said it “fully respects Sompo’s decision,” adding that to its knowledge, “this decision is not the result of a reassessment by Sompo of SCOR’s financial outlook, business and prospects.”

Apparently there are no recriminations from the decision, as SCOR indicated that it “values Sompo as an important client and also values the longstanding business relationship between the two companies. As an independent company, reinforced this year by the upgrades of its ratings and the approval of its internal model, SCOR remains focused on providing best-in-class services to its clients, in Japan and throughout the world.”

Source: SCOR Group