French reinsurer SCOR could pursue a merger deal with Bermudian reinsurer PartnerRe, according to analysts from Berenberg. The move could be a defensive one after SCOR rejected a hostile takeover attempt from Covea in September. The french firm rejected the €8.2bn ($9.6bn) bid, saying it threatened its independence and did not reflect its value. Though SCOR has denied speculation of discussions with PartnerRe, Berenberg said a deal would significantly increase its standing in the global reinsurance industry. “Reinsurers are looking for new ways to expand their business beyond traditional financial services into areas such as life insurance, property and casualty insurance,” said David Jones, an analyst at Berenberg, who added
French reinsurer SCOR could pursue a merger deal with Bermudian reinsurer PartnerRe, according to analysts from Berenberg. The move could be a defensive one after SCOR rejected a hostile takeover attempt from Covea in September. The french firm rejected the €8.2bn ($9.6bn) bid, saying it threatened its independence and did not reflect its value. Though SCOR has denied speculation of discussions with PartnerRe, Berenberg said a deal would significantly increase its standing in the global reinsurance industry. The two companies’ compatible business lines, notable cost and capital synergies would fit well together and a merger could also satisfy investors disappointed at the Covea bid being rejected.