SCOR rejects report about PartnerRe discussions

Statement follows on from reports of takeover rejection

SCOR rejects report about PartnerRe discussions

Insurance News

By Terry Gangcuangco

Independent global reinsurer SCOR is setting the record straight.

The Paris-headquartered firm – which grabbed the headlines after revealing it had rejected Covéa’s unsolicited proposal to initiate talks regarding a majority stake swoop – has officially slammed a French report involving EXOR-backed PartnerRe.

“SCOR formally denies the claim on the BFM business website that the Group has been in discussions with another partner for several months,” said SCOR in a statement released just a few hours following the Covéa bombshell. “Contrary to this assertion, SCOR has held no discussions with PartnerRe or any other company.”

Prior to that outright denial, SCOR reiterated not only its independence but also its faith in the reinsurer’s current management.

“The board of directors of SCOR unanimously decided to refuse to initiate discussions with Covéa,” stated the company. “It has reaffirmed its complete trust in SCOR’s management to continue to create value.

“SCOR acknowledges Covéa’s decision to withdraw its proposal on a potential combination.”

The reinsurance firm described the proposal from its biggest shareholder as “fundamentally incompatible” with its strategy of independence.

“This project was met with unanimous opposition from SCOR’s executive committee,” said SCOR. “In view of this, any public bid would be deemed hostile.”

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!