France headquartered global reinsurance firm SCOR has announced a new Chief Executive Officer, hiring Thierry Léger for the position, who was most recently the Chief Underwriting Officer of Swiss Re.
Léger will take up his new position as CEO of SCOR from May 1st 2023.
The position has become vacant, as Laurent Rousseau, who succeeded Denis Kessler as CEO of SCOR in June 2021, has resigned from his position and is leaving the reinsurance firm to pursue other professional opportunities.
Thierry Léger has 25 years of experience in reinsurance sector, holding senior positions across life reinsurance, P&C reinsurance and alternative reinsurance.
SCOR said its, “Board of Directors is convinced that Thierry Léger has all the professional skills and managerial qualities required to succeed as CEO of SCOR.”
Léger is expected to also join the Board of SCOR after its 2023 General Meeting and he will be tasked with drawing up a new and ambitious strategic plan for SCOR, to be outlined at the meeting.
François de Varenne, Executive Committee member in charge of Investments, Technology, Transformation and Group Corporate Finance, has been appointed Interim CEO of SCOR with immediate effect, until Thierry Léger takes up his position at the firm.
Denis Kessler, Chairman of SCOR, commented on the news, “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 at SCOR, said, “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.”
Thierry Léger added, “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.”
At Swiss Re, Group Chief Executive Officer Christian Mumenthaler is set to take over Thierry Léger’s responsibilities for the moment.
Mumenthaler commented, “Over the past 25 years with Swiss Re, Thierry made great contributions to many parts of our business, from Reinsurance to former Life Capital Business Unit, to Group Underwriting. Since his appointment as Group CUO in 2020, he has successfully evolved our underwriting capabilities through utilising cutting-edge research, access to more and better data and analytics. On behalf of the entire Group Executive Committee, I would like to thank Thierry for his dedication and commitment to Swiss Re and wish him all the success for the future.”
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