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Scor Buys XL Unit for $45 Million to Expand in U.S.

Posted on 23 Jul 2009

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Scor SE, France's largest reinsurer, agreed to buy a unit from XL Capital Ltd. backing life policies sold by other companies to expand in North America.

Scor will pay 31.7 million euros ($45.1 million) for XL Re Life America Inc. and the deal is expected to be completed by Sept. 30, the Puteaux-based reinsurer said today in a statement. XL is based in Bermuda.

Scor Chief Executive Officer Denis Kessler is targeting a market poised to grow as life carriers, stung by investment losses, conserve capital by buying more protection from reinsurers, according to Conning & Co., the asset manager and research firm. Kessler, who oversees businesses covering life insurance and property-casualty policies, expanded in Europe with the 2007 takeover of Switzerland’s Converium Holding AG.

The XL deal “demonstrates the inroads Scor is making in the most important life market in the world,” Gilles Meyer, CEO of the insurer’s life business, said in the statement.