Scor placed under investigation over Covéa acquisition of PartnerRe

By Ryan Hewlett

April 4 - (The Insurer) - Scor said on Friday that it has been placed under “examination” in France regarding an alleged attempted to obstruct the acquisition of PartnerRe by Covéa Group in 2022.

Scor, which denies having had any direct or indirect involvement in the alleged acts, said the investigation relates to the alleged involvement of Denis Kessler, its former chairman and CEO, in facts relating to the judicial investigation.

Kessler, who died in 2023, was credited with bringing Paris-headquartered Scor back from the brink of insolvency after taking the helm as chairman and CEO in November 2002. He stepped aside as CEO in 2021 but remained with the group as non-executive chairman.

“Scor SE has been placed under examination because of the alleged personal involvement of Denis Kessler in some of these facts, at a time when he was no longer Scor SE’s legal representative, but the non-executive chairman of its board of directors,” it said.

“Scor SE firmly denies having had any direct or indirect involvement in the acts of which this association is accused.”

French mutual insurer Covéa completed the acquisition of reinsurer PartnerRe from Exor, the Agnelli family-owned investment and holding company, in July 2022. Covéa paid a total cash consideration of $9.3 billion for the Bermudian carrier.

Scor added that being placed under examination does not impact its ability to pursue its activities in the normal course of business.

“In any event, Scor SE is presumed innocent, and vigorously denies any responsibility in connection with this matter,” it said.