PARIS: French reinsurer SCOR is already large enough so it does not need to participate in a wave of consolidation currently underway in its sector, Chief Executive Denis Kessler said on Thursday.
Speaking on a conference call with journalists, he said the group had reached a critical mass in recent years in part through acquisitions and did not face the same pressure of smaller rivals that had not done deals.
"We see (the consolidation), but we are not in the position where we have to do a deal because we are exactly where we want to be in terms of size, profitability and capital," Kessler said.
Bermuda reinsurers Axis Capital Holdings Ltd and PartnerRe Ltd agreed in January to an all-share $11 billion merger to create one of the world's largest reinsurers, fueling speculation that SCOR could seek to grow through acquisitions.
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