Explore the scrutiny faced by SCOR in the halted acquisition of PartnerRe. Discover key insights on the attempted business move.
French reinsurance giant, SCOR, has come under scrutiny in connection with allegations against its former Chairman and CEO, Denis Kessler. The investigation revolves around claims that an association attempted to thwart the acquisition of Bermuda-based reinsurer PartnerRe by the Covéa group in 2022.
Sources indicate that SCOR has been placed under examination by French judicial authorities due to the alleged personal involvement of Kessler in these activities. This occurred while he was serving as the non-executive Chairman of SCOR’s Board, having stepped down from his role as the company’s legal representative.
SCOR, one of the major reinsurance firms in Europe, has categorically denied any direct or indirect involvement in the actions attributed to the association in question. The company emphasized its stance, stating, “SCOR SE firmly denies having had any direct or indirect involvement in the acts of which this association is accused.”
Despite the ongoing investigation, SCOR reassures stakeholders that this development does not affect its operational capabilities or its normal business activities. The reinsurer further asserts, “In any event, SCOR SE is presumed innocent, and vigorously denies any responsibility in connection with this matter.”
Market analysts, including those from Goldman Sachs, have commented on the situation. They noted that although they do not speculate on the investigation’s outcome, the examination poses a lingering concern, even if it reportedly does not hinder SCOR’s business operations. Their assessment highlights an “unhelpful overhang” due to the unresolved nature of the examination.
Yorum Yap