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Covéa CEO resigns from Scor board

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Covéa CEO resigns from Scor board

SGAM Covéa Chairman and CEO Thierry Derez resigned from the board of Scor SE, having temporarily stepped back from the role in September.

Covéa said Derez was resigning because Scor had effectively blocked him from meaningfully engaging as a director, meaning that he could not fulfill the aims of the role. Derez represented Covéa as Scor's largest shareholder, with an 8.18% share of capital and 8.43% share of voting rights.

He stepped aside temporarily in late September after a protracted back-and-forth between the companies that followed Covéa's unsolicited offer to acquire Scor for €43 per share, which the French reinsurer swiftly rejected. Scor CEO Denis Kessler had called on Derez to leave the board after the offer became public, and Scor said after the temporary move that such an action was not set out in either law or its bylaws.

Covéa also said at the time that it would abide by the terms of its shareholder agreement with Scor and not raise its stake above 10% before April 2019, but that it remained open to a "friendly transaction." It also said it would structure any deal so that Scor maintained significant management independence and remained listed, among other conditions.

Covéa said when Derez stood aside temporarily that he was doing so "in the interest of serenity and appeasement." In announcing his resignation, it said Scor had continued to refuse to engage in any dialogue with the company, noting that it is the reinsurer's largest shareholder and that it now has no representation on Scor's board.