September 5, 2018 / 6:10 AM / 2 months ago

French re-insurer Scor says business to grow 5-7 percent annually in 2018, 2019

PARIS, Sept 5 (Reuters) - French re-insurer Scor said on Wednesday it expects gross written premium growth of between 5 percent and 7 percent this year and next thanks to solid customer growth, investments and technological efficiencies.

The company said it will keep its 10-year policy to pay its shareholders through dividends and share buybacks. Scor has paid 2.5 billion euros to its shareholders over the past 10 years.

Scor’s management said on Tuesday it rejected in late August an offer for its shares made by privately-held French insurer Covea, which valued the company at 8.2 billion euros. Scor’s management said the offer, which included a 21 percent premium over the previous day’s closing price, didn’t reflect the value of the company.

Covea withdrew its offer, but said it is still interested in taking over the reinsurer. (Reporting by Inti Landauro; Editing by Sam Holmes)

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