SCOR Stock Down As CEO Resigns; Names Swiss Re's Thierry Leger To Succeed With Effect From May 1

(RTTNews) - Shares of SCOR SE (SZCRF.PK) were losing around 6 percent in the morning trading in Paris after the French reinsurer's Chief Executive Officer Laurent Rousseau resigned from his position as CEO and from the Board. The company announced the appointment of Thierry Leger, former Swiss Re executive, as its Chief Executive Officer with effect from May 1.

Meanwhile, Swiss Re announced that its Group Chief Underwriting Officer Leger is stepping down as member of the Group Executive Committee and from the role as Group CUO with immediate effect to pursue a role outside the company. The SCOR Board of Directors will propose that Leger join the Board at the 2023 General Meeting.

In the meantime, François de Varenne is appointed Interim CEO of SCOR with immediate effect until Leger takes up his post. de Varenne is the company's Executive Committee member in charge of Investments, Technology, Transformation and Group Corporate Finance.

Rousseau, who had succeeded Denis Kessler as CEO on June 30, 2021, is leaving the Group to pursue other professional opportunities.

The Board has asked its Chairman Denis Kessler to lend his support to François de Varenne and then Leger, to ensure the smooth running of this change in executive management.

Leger, who holds 25 years of experience in the reinsurance sector, has expertise in life reinsurance, P&C reinsurance and alternative reinsurance.

Denis Kessler, Chairman of SCOR, said, "Having held key positions at a major global reinsurance company, he has all the skills required to lead the SCOR group and forge a new strategic vision for the company, while pursuing an underwriting policy based entirely on technical profitability."

The January 1, 2023 P&C renewals, which took place in a favorable environment for property & casualty reinsurance, will be presented on February 7. The fourth-quarter results will be released as scheduled on March 2.

In Paris, SCOR shares were losing around 5.8 percent to trade at 22.43 euros.