Scor
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter. -
The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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Further rating action is likely if underlying performance does not improve in the short to medium term.
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Neyme was previously vice president, US casualty treaty.
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Scor said it had cut cat exposure by 21% in 2022 – ahead of a previously announced 15% target – as its P&C business booked a Q2 operating loss of EUR140mn ($143mn), compared with a EUR406mn profit last year.
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The segment’s lustre has been dulled by losses and capital trapping.
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The outgoing reinsurance CEO will be succeeded by Stuart McMurdo, current CEO of Scor UK, the Scor syndicate and regional CEO of EMEA.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The issuance covers US named storm and quake, and European windstorm.
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