Latest news with #DenisKessler
Yahoo
09-05-2025
- Business
- Yahoo
SCOR registers profit of €200m in Q1 2025
SCOR logged net income of €200m for the first quarter of 2025 (Q1 2025), a 1.7% increase from €196m reported in the same period the previous year. The company attributed the growth to contributions from all business segments. Its earnings per share saw a marginal rise to €1.12 for the quarter, up from €1.10 in Q1 2024. The French reinsurer's operating results also improved, with a 10.6% increase to €317m in Q1 2025 from €287m a year earlier. Overall insurance revenue decreased by 1.2%, reaching €4bn in Q1 2025 from €4.1bn in the prior year's quarter. The property and casualty (P&C) insurance segment contributed €1.8bn to total revenues, up by 1.2% at current exchange rates, while the life and health (L&H) segment added €2.2bn, a 3.1% decline. The company's gross written premiums (GWP) for the quarter dipped to €4.9bn. Within this figure, P&C GWP accounted for €2.5bn, and L&H GWP made up €2.4bn. The P&C segment's combined ratio was reported at 85% for Q1 2025, largely attributed to a low rate of attritional losses. Natural catastrophe claims, influenced by the LA wildfires, represented a ratio of 12.5%. SCOR CEO Thierry Léger said: 'I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. 'L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE [return on investment] of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.' Last month, French authorities commenced an investigation into the actions of SCOR's former chairman regarding Covéa group's acquisition of PartnerRe. Denis Kessler, who had been at the helm of SCOR for more than 20 years, died in 2023. SCOR has denied any direct or indirect involvement and responsibility in the matter. "SCOR registers profit of €200m in Q1 2025 " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
07-04-2025
- Business
- Yahoo
SCOR faces scrutiny over ex-chairman's role in PartnerRe deal
French authorities have launched a probe into reinsurance company SCOR over its former chairman's role in connection with Covéa group's acquisition of PartnerRe. In a statement, the French reinsurer confirmed that it is under 'examination as a legal entity in connection with a judicial investigation in France related to facts attributed to an association which allegedly attempted to obstruct the acquisition'. SCOR said it is being scrutinised due to the actions of Denis Kessler, who was the non-executive chairman of its board at the time. However, the company has refuted any direct or indirect involvement and responsibility in the matter. The company further stated that this legal scrutiny does not impact its ability to continue its operations as usual. French mutual insurer Covéa completed the acquisition of PartnerRe for $9.3bn (€8.48bn) in cash from Exor in 2022. Denis Kessler, who had led SCOR for more than 20 years, passed away in 2023. He transitioned from chairman and CEO to non-executive chairman on 30 June 2021. In the fourth quarter of 2024, SCOR reported net income of €233m, up 43.2% from €162m in the same quarter of 2023. However, for the full-year 2024, the company posted net income of €4m, a 99.5% decrease from €812m in 2023. The company attributed this decline to the 2024 life and health assumption review, which resulted in a substantial pre-tax deduction of €700m in the insurance service result and an additional €900m affecting the contractual service margin. "SCOR faces scrutiny over ex-chairman's role in PartnerRe deal " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
04-04-2025
- Business
- Yahoo
Scor says it was placed under examination for allegations against former chair
(Reuters) - French reinsurance company Scor said on Friday it has been placed under examination by a Paris court for facts alleged against its former chairman, Denis Kessler, in relation to Covea Group's acquisition of PartnerRe in 2022. Scor said it firmly denies having had any direct or indirect involvement. In July 2022, Exor, the holding company of Italy's Agnelli family, completed the sale of Bermuda-based reinsurer PartnerRe to France's Covea for $9.3 billion in cash. In January 2024, French daily Liberation reported that a judicial procedure had been started in June 2022 related to the transaction. Kessler, who was Scor's chairman for 21 years until his death in 2023, Adrien Couret, CEO of mutual protection group Aema, and Jean-Claude Seys, co-founder of Covea, were said to have tried to derail the deal, according to the Liberation report. Sign in to access your portfolio
Reuters
04-04-2025
- Business
- Reuters
Scor says it was placed under examination for allegations against former chair
April 4 (Reuters) - French reinsurance company Scor ( opens new tab said on Friday it has been placed under examination by a Paris court for facts alleged against its former chairman, Denis Kessler, in relation to Covea Group's acquisition of PartnerRe ( opens new tab in 2022. Scor said it firmly denies having had any direct or indirect involvement. In July 2022, Exor ( opens new tab, the holding company of Italy's Agnelli family, completed the sale of Bermuda-based reinsurer PartnerRe to France's Covea for $9.3 billion in cash. In January 2024, French daily Liberation reported that a judicial procedure had been started in June 2022 related to the transaction. Kessler, who was Scor's chairman for 21 years until his death in 2023, Adrien Couret, CEO of mutual protection group Aema, and Jean-Claude Seys, co-founder of Covea, were said to have tried to derail the deal, according to the Liberation report.
Bloomberg
04-04-2025
- Business
- Bloomberg
Scor Says It's Being Probed on Covea Purchase of Partner Re
Scor SE said it's under examination as part of French authorities' investigation of its former chairman's alleged attempts to obstruct Covéa's purchase of Partner Re in 2022. The probe involves the late Denis Kessler at a time when he was no longer the company's legal representative, but the non-executive chairman of its board, Scor said in a statement Friday. Kessler, who helped rescue the once struggling insurer, died in 2023.
