(Boursier.com) — Complicated weekend for Score which lost 5% to 22.6 euros after the announcement of the surprise resignation of general manager Laurent Rousseau, less than two years after taking office. Thierry Léger will be the next boss of Scor from May 1st. He has 25 years of experience in the reinsurance sector, with leading responsibilities (at Swiss Re).
Thierry Léger is in charge of developing a new engaging and ambitious strategic plan for Scor, the orientations and main axes of which he will outline at the 2023 general meeting. His mission will be to enable Scor to consolidate its place in the very first circle of global reinsurersthe group said.
The market could speculate by estimating that the departure of Mr. Rousseau could increase the probability of a dividend payment for 2022, despite the significant loss expected last year (more than 300 ME?), explains Oddo BHF . It is, from his point of view, very difficult to draw a certain conclusion, because the analyst still believes that, even if Scor has the financial means to pay a dividend, the payment of this would impoverish the group (this which would increase the cost of capital applied to the share), even though it could benefit from attractive opportunities to redeploy its capital as part of its future strategic plan. The broker remains to ‘outperform’ on the title, with a target of 26 euros established on very cautious valuation bases. Beyond the short-term uncertainties resulting from the change of CEO and the expectations of the future strategic plan, Oddo BHF remains confident about the prospects for a recovery in Scor’s profitability in a context of rising interest rates and damage prices. .
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