French insurer Covea still wants to make a reinsurance acquisition, despite its failed takeover plan for Scor


Covea will seek another reinsurance acquisition, following its abortive move to take over Scor.

Covea holds an 8% stake in fellow Parisian firm Scor, but said it did not plan to increase its stake in the reinsurer following its attempt to buy Scor, which has ended up in legal action.

“Developing such an activity like that takes decades, so external growth is the more plausible,” Covea’s Chief Executive Thierry Derez said Tuesday, according to Reuters.

Derez declined to comment on whether Covea would maintain its Score stake if it pursued a merger with another reinsurance firm.

Read more about Covea’s board room spat and legal tussle with Scor.