Scor

The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.

Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.

The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.

The agency has also cut the carrier’s long-term issuer default rating to A-.

Further rating action is likely if underlying performance does not improve in the short to medium term.

Neyme was previously vice president, US casualty treaty.

Scor said it had cut cat exposure by 21% in 2022 – ahead of a previously announced 15% target – as its P&C business booked a Q2 operating loss of EUR140mn ($143mn), compared with a EUR406mn profit last year.

The segment’s lustre has been dulled by losses and capital trapping.

The outgoing reinsurance CEO will be succeeded by Stuart McMurdo, current CEO of Scor UK, the Scor syndicate and regional CEO of EMEA.

Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.

The issuance covers US named storm and quake, and European windstorm.

The bond will cover US named storm and earthquake, and Europe windstorm.