November 5, 2002 by Canadian Underwriter
Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of a warning issued last week by SCOR that it will likely disclose a net loss of around 250 million for the 2002 financial year this would be the second year running that the global reinsurer would be posting a loss of this magnitude.
The stock value of SCOR plummeted following the reinsurer’s announcement of its expected earnings loss, plus that the company would be seeking to raise about 400 million in capital shoring finance. Media reports suggest at investor concern that the company may not be able to raise the funding in question. A SCOR statement quotes Kessler saying that among his top priorities will be to restore investor confidence in the company.