Scor’s board of directors on Thursday asked its general manager Laurent Rousseau to resign and appointed Thierry Léger as his replacement, to ensure the recovery of the company, which was facing heavy losses in the first months of 2022.
This unexpected decision comes when Laurent Rousseau had been head of the reinsurer since the end of June 2021. He had succeeded Denis Kessler, current chairman of the board of directors.
Thierry Lger, current head of underwriting for the Swiss Re group, will not take up his duties until May 1, according to a press release. It is Franois de Varenne, responsible for investments, technologies, budget, transformation and finance of the group who will ensure the interim.
Having exercised top-level responsibilities within a major global reinsurance company, he has all the skills required to lead the Scor group, said Mr. Kessler, quoted in the press release.
Thierry Lger will restore the Group’s profitability and maintain its high level of solvency for the benefit of all stakeholders: customers, shareholders, employees, he added.
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Tension has been building between Laurent Rousseau and Denis Kessler for several months, according to various insurance players.
Scor had announced a loss of 509 million euros in the first nine months of 2022, led in particular by the cost of natural disasters.
Mr. Rousseau then announced a plan to return to the green in the short term.