CIAM calls for Kessler to outline succession planning as Scor fires backThe war-of-words between CIAM and French reinsurer Scor continues to rage on, with the activist investor publishing a 32-page whitepaper entitled ‘The Acute Need for a Clear Succession Plan’.
Scor, R&Q and Travelers add their support to civil rights movementExecutives from French reinsurer Scor, UK-based legacy and programs specialist R&Q and US-giant Travelers have added their support to the civil rights movement that has arisen across the US and reiterated their commitment to diversity and inclusion.
Scor latest (re)insurer to join UN’s Net Zero carbon initiativeScor has joined the growing list of (re)insurance companies who have committed to pulling back from investing in thermal coal by signing up to the Net-Zero Asset Owner Alliance.
HSCM and Scor support States Title’s $123mn Series C roundHudson Structured Capital Management (HSCM) and Scor Global P&C Ventures have both given their support to States Title’s $123mn Series C financing round.
Scor shares trade up amid P&C sell-off in Europe and USFrench reinsurer Scor was the biggest outlier as investors on both sides of the Atlantic sent P&C stocks sliding Wednesday, with a dozen US-listed shares falling at least five percent.
Scor shares up on news of $9bn Covéa-PartnerRe deal break-downAmidst a sea of red, Scor’s under-pressure shares were a rare flash of green on European traders’ screens today as they were up 4.5 percent by midday CET.
A Scor to settle?Exor and Covéa appear in disagreement about who walked away from a PartnerRe deal where the financial metrics had been transformed by Covid-19. Could another Gallic carrier be involved in the next chapter?
Former Scor CEO François Négrier dies aged 91François Négrier, who was chief executive officer of French reinsurer Scor from 1974 to 1993, passed away on 1 May 2020, at the age of 91.
Scor handed negative outlook by Moody’s on virus mortality exposuresScor has been handed a negative outlook by Moody’s with the ratings agency citing the reinsurer’s vulnerability compared to its peers in a stress scenario of higher mortality claims arising from the coronavirus pandemic.
Scor surges 28% in April to lead European P&C stocksShares in French reinsurer Scor surged in April to lead The Insurer’s universe of European-listed carriers with its stock up almost 30 percent last month after the near-indiscriminate March equities rout.
Scor shares lose early gains as Q1 results avoid material Covid-19 impactShares in French reinsurer Scor were up nearly 6 percent in early trading before shedding its gains to trade flat by mid-morning despite the Paris-headquartered carrier reporting a consensus beating set of Q1 results.
Scor P&C posts Q1 94.5% combined ratioParis-headquartered tier one reinsurer Scor has delivered a combined ratio that was relatively flat at 94.5 percent in its P&C division for the first quarter.
Fitch hands Scor stable outlook despite Covid-19 uncertaintyScor has been handed a stable outlook by ratings agency Fitch on the back of the French reinsurer’s “very strong” capitalisation and leverage levels.
Scor $200mn Atlas cat bond points to higher mid-year renewalsScor’s $200mn delayed-cat bond Atlas Capital 2020-1 has upsized and closed at the top end of pricing, highlighting both the increased pricing of risk and also the continued resilience of the ILS market.
Scor reports rate improvement at 1.4 with Japanese cat restructuringScor Global P&C reported a 6.6 percent risk adjusted average increase in pricing at the 1 April renewals with GWP climbing 5.7 percent to Eur504mn ($547mn).
Scor’s Kessler warns against mutualisation of pandemic insuranceCEO and chairman of French (re)insurer Scor, Denis Kessler, has cautioned that mutual national pandemic reinsurance backstops do not exist for a reason and has questioned the “advisability” and “feasibility” of introducing such schemes.
CIAM turns up heat on Kessler pay after Scor AGM delayActivist investor CIAM has reiterated its call for a “serious review” of Scor’s remuneration policy and called for the reinsurer’s board to outline a clear succession plan and nominate an independent group chair in 2021.
Scor the biggest European P&C faller in Q1Scor was the largest Q1 faller among European P&C carriers in The Insurer universe with its stock down almost 50 percent as Covid-19 fears gripped the sector.
Channel builds political and credit division with Lancashire’s CoulsonScor-owned Channel Syndicate has appointed Caroline Coulson as a senior underwriter on the political and credit risks team.
Scor delays AGM after activist complaintScor appears to have responded to activist investor CIAM’s complaint last week that 17 April was too early to hold its annual general meeting (AGM) and has now announced it will take place on 30 June.