French authorities have launched a probe into reinsurance company SCOR over its former chairman’s role in connection with Covéa group’s acquisition of PartnerRe.
In a statement, the French reinsurer confirmed that it is under “examination as a legal entity in connection with a judicial investigation in France related to facts attributed to an association which allegedly attempted to obstruct the acquisition”.
SCOR said it is being scrutinised due to the actions of Denis Kessler, who was the non-executive chairman of its board at the time.
However, the company has refuted any direct or indirect involvement and responsibility in the matter.
The company further stated that this legal scrutiny does not impact its ability to continue its operations as usual.
French mutual insurer Covéa completed the acquisition of PartnerRe for $9.3bn (€8.48bn) in cash from Exor in 2022.
Denis Kessler, who had led SCOR for more than 20 years, passed away in 2023.
He transitioned from chairman and CEO to non-executive chairman on 30 June 2021.
In the fourth quarter of 2024, SCOR reported net income of €233m, up 43.2% from €162m in the same quarter of 2023.
However, for the full-year 2024, the company posted net income of €4m, a 99.5% decrease from €812m in 2023.
The company attributed this decline to the 2024 life and health assumption review, which resulted in a substantial pre-tax deduction of €700m in the insurance service result and an additional €900m affecting the contractual service margin.
