Global reinsurer SCOR has confirmed it is under formal judicial examination in France in connection with an alleged attempt to obstruct Covéa Group’s acquisition of PartnerRe in 2022.
The Paris-based reinsurer said it is being examined as a legal entity as part of a broader investigation led by a Paris judge. A company spokesperson said the inquiry relates to the 2022 transaction involving Covéa and PartnerRe.
SCOR said that the investigation concerns the alleged involvement of its former non-executive chairman, Denis Kessler (pictured above). The company said Kessler was no longer its legal representative at the time of the events in question, holding only a non-executive role on the board.
Kessler, who died in June 2023 at the age of 71, served as SCOR’s chairman and CEO beginning in November 2002. He transitioned to the role of nonexecutive chairman on June 30, 2021.
The reinsurer has denied having any direct or indirect involvement in the alleged actions and emphasized that the proceedings do not impact its ongoing business operations.
It also noted that it "is presumed innocent and vigorously denies any responsibility in connection with this matter."
SCOR recently reported an improved financial year with a net income of €233 million for the fourth quarter of 2024, with all business segments contributing to the result. The adjusted net income for the quarter stood at €235 million.
In March 2020, Covéa agreed to acquire PartnerRe from Exor for US$9 billion. However, the deal was terminated in May 2020 due to Covéa's attempt to renegotiate the price amid the COVID-19 pandemic.
Subsequently, Covéa and Exor agreed to cooperate on reinsurance-linked investments, with Covéa injecting €750 million into special-purpose reinsurance vehicles managed by PartnerRe.
On July 12, 2022, Covéa finally completed the acquisition of PartnerRe from Exor for a total cash consideration of US$9.3 billion. This amount was based on PartnerRe's consolidated common shareholders’ equity as of Dec. 31, 2021.
Following the acquisition, Covéa's CEO, Thierry Derez, was appointed as the chairman of PartnerRe's board. Additionally, Covéa leaders Thierry Francq and Maud Petit joined the PartnerRe board, replacing Enrico Vellano and António Horta-Osório, who resigned upon the deal's closure.
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