SCOR hands reins to top Swiss Re leader after ‘difficult’ period; CEO exits with immediate effect

The chief executive officer of reinsurance heavyweight  SCOR has stepped down with immediate effect after 18 months in the role during a “particularly difficult period” of strategy revamp to restore its dwindling  profitability. SCOR believes its  new CEO pick from Europe’s Big Four rival Swiss Re is a “perfect” fit to drive a new chapter in its history and draw up a “new attractive and ambitious” plan for the company.

Laurent Rousseau (picture left) has resigned from his position as CEO and from his position on the board and is leaving the group to pursue other professional opportunities. Rousseau succeeded Denis Kessler as CEO on June 30, 2021.

Thierry Léger (pictured right) has been appointed as new CEO of SCOR. He has stepped down from his role as chief underwriting officer of Swiss Re with immediate effect. Léger will take up his post as CEO of SCOR with effect from May 1, 2023.

Léger has 25 years of experience in the reinsurance sector, holding key positions. His expertise covers life reinsurance, P&C reinsurance and alternative reinsurance. Léger joined Swiss Re as an engineering underwriter in 1997, and went on to become its group CUO in September 2020.

SCOR’s board of directors is convinced that “Léger has all the professional skills and managerial qualities required to succeed as CEO of SCOR.” It will propose that Léger join the board at the 2023 General Meeting.

François de Varenne, executive committee member in charge of investments, technology, transformation and group corporate finance, is appointed interim CEO of SCOR with immediate effect until Léger takes up his post. The board of directors has asked its Chairman Denis Kessler to lend his support to François de Varenne and then Léger, to ensure the smooth running of this change in executive management.
At SCOR, Léger will be responsible for drawing up a new attractive and ambitious strategic plan for SCOR, and will outline the orientations and main themes of this plan at the 2023 General Meeting. His mission will be to help SCOR further consolidate its position as a leading global reinsurer.

SCOR said its January 1, 2023 P&C renewals took place in a “favourable” environment for property & casualty reinsurance.

Kessler, chairman of SCOR, commented: “Acting on the proposal of the Nomination Committee, the Board of Directors has unanimously decided to entrust the executive management of the Group to Thierry Léger, an experienced and skilled reinsurer who is an expert in both life and non-life reinsurance. 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. By giving high priority to capital allocation and returns, and by practicing very strict risk management, Thierry Léger will restore the Group’s profitability and maintain its high level of solvency, to the benefit of all stakeholders: clients, shareholders and employees. SCOR is embarking on a new chapter in its history. On behalf of the Board of Directors, I would like to thank Laurent Rousseau for the contribution he has made to the Group during a particularly difficult period.”

Fabrice Brégier, chairman of the Nomination Committee, added: “In line with its mandate, and in strict compliance with the principles of corporate governance, the Nomination Committee sought to pinpoint the qualities needed to lead a global reinsurance company in an increasingly complex environment. The profile it drew up was of a leader capable of managing a risk universe that is changing rapidly, in both life and P&C (re)insurance. Thierry Léger fits this profile perfectly, which is what led the committee to propose his appointment as CEO to the Board. The committee also recommended that the interim period be overseen by François de Varenne, building on his 17 years of experience in various roles at SCOR.”

Léger said: “I am very happy to be joining SCOR and am honored by the confidence the Board of Directors has placed in me by appointing me CEO. I look forward to meeting the Group’s employees, clients and shareholders. I plan to actively pursue the growth of the company by continuing to develop its products and its structure. The reinsurance sector offers many opportunities, both on the liability side with the increased demand for cover and the improvement of terms and conditions, and on the asset side with the rise in interest rates. I am convinced that SCOR is well placed to take full advantage of this favorable environment. I know that I can count on highly skilled and experienced teams, and on excellent client relations. Let’s all make this journey together. I will focus all my energy on giving fresh impetus to SCOR.”