As Denis Kessler quietly celebrates 10 years at the helm of SCOR, he reflects on the remarkable turnaround he instigated at the company, ponders future opportunities and tells II that one of his biggest concerns now is that Solvency II will never be implemented.
There cannot be many leaders of reinsurers globally who have been on as much of a rollercoaster ride as Denis Kessler, the chairman and chief executive of SCOR. The French reinsurer is now one of the top five players worldwide, with a truly international presence—it is regarded as part of the reinsurance establishment. Even the SCOR lounge in Monte Carlo seems as though it has been there forever.
That this is the case illustrates just what an incredible job Kessler has done since he took the reins of the company almost exactly 10 years ago. It is remarkable how quickly people have forgotten just what a mess SCOR was in back then.
At one stage, during the 2003 Monte Carlo Rendez-vous in fact, it had been downgraded to BBB- and was teetering precariously close to the brink of collapse. Cedants had lost faith in the company, its shareholders were deserting it and the demise of what had been one of the strongest players in the industry looked a real possibility.
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AXA, Henri de Castries, Regulation, Solvency II, Insurance, Reinsurance