SCOR News

SCOR and Covéa Lay Down Legal Swords in Return to ‘Mutually Beneficial Relationship’

French mutual insurer Covéa and reinsurer SCOR finally laid down their legal swords this week – opting instead for “peaceful relations” by signing a binding settlement agreement. The agreement, which “implies no admission of liability on either side,” is designed …

SCOR Canada Reinsurance Appoints Gay as President and CEO, Succeeding Christoff

SCOR announced that Olivier Gay has been appointed chief executive officer for SCOR Canada Reinsurance Co., succeeding Paul Christoff, effective June 11, 2021. Gay will continue to serve as chief underwriting officer for SCOR Canada and will report to John …

French Regulator Dismisses Covéa Market Abuse Charges Filed Against SCOR’s Kessler

France’s financial markets regulator dismissed market abuse charges, which had been filed against SCOR’s Chairman and CEO Denis Kessler by the reinsurer’s largest shareholder, Covéa. The investigation “does not support allegations of market abuse,” said a statement issued by “Autorité …

Barclays Dragged into Bitter Feud Between SCOR and Covéa over Failed Hostile Takeover

Barclays Plc has been dragged into a bitter feud between two French insurers over its role in a failed hostile takeover bid. SCOR SE is suing Barclays in London for breach of confidence when the bank advised Covéa on its …

Rousseau to Replace Kessler as CEO of SCOR, in Change to Succession Plan

Denis Kessler, SCOR’s chairman and chief executive officer, has decided to step down, for personal reasons, from his role as CEO at the end of his current term of office, which will expire at the reinsurer’s general meeting on June …

Insurers Seek to Find Ways to Make Pandemics Insurable

LONDON – When much of the global economy locked down last year, insurers, facing estimated losses of more than $100 billion globally, reached straight for their red pens to strike pandemic cover from all new business policies. Denis Kessler, chairman …

SCOR Reports 4.3% Increase in Reinsurance Prices During April Renewals

French reinsurer SCOR said it benefited strongly from continued improvements in pricing and terms and conditions, during the April 1, 2021 reinsurance renewals – a continuation of trends already seen during the January renewals. SCOR’s gross premiums, up for renewal, …

Insurer Tokio Marine Expects No Material Impact on 2021 Results from Greensill Collapse

TOKYO – Japanese insurer Tokio Marine Holdings Inc said on Tuesday it currently expects no material impact on its results for the fiscal year starting next month as a result of its exposure to the fallout of Greensill Capital’s collapse. …

Greensill Capital Creditors, Led by Softbank, Submit More Than $1.4 Billion in Claims

SYDNEY – Thirty-four creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, submitted over A$1.75 billion ($1.35 billion) in claims to the company, administrators said on Friday. About $1.15 billion of that was made …

Tokio Marine Faces Larger-Than-Expected Exposure to Greensill Capital Meltdown

Tokio Marine Holdings Inc. is facing a larger-than-expected exposure to the Greensill Capital meltdown after finding that reinsurance contracts intended to limit losses didn’t cover its unit that did the most business with Greensill. Tokio’s Australia Bond & Credit Co. …