Scor: share price up, broker confirms its recommendation
October 06, 2023 at 11:36 am EDT
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Scor gains nearly 1.5% on the Paris stock exchange, as UBS reiterates its buy recommendation on the stock with a price target of E36.40.
The analyst believes that the use of call options promotes corporate governance.
' Scor is using 57% of its call option as part of an operation aimed at improving corporate governance' stresses the analyst firm.
Scor announced yesterday the acquisition of nine million of its own shares, representing 5.01% of its capital, through the partial exercise of the call option granted by Covéa, and their subsequent sale to BNP Paribas Cardif, as part of an off-market transaction.
Covéa has granted the reinsurer a firm and irrevocable call option on its entire stake in Scor - i.e. 8.8% of the capital - at a price of 28 euros per share.
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Scor SE is the leading French reinsurance company. Gross written premiums per activity are distributed as follows:
- life and health reinsurance (51.2%);
- non-life reinsurance (48.8%): reinsurance against damages (coverage for damage to industrial and commercial property, vehicles, ships, and stored or transported merchandise, coverage for losses due to fire, and civil liability coverage) and specialties (coverage for risks in the agriculture, aviation, construction and credit guarantee fields).
Geographic distribution of gross written premiums is as follows: France (17%), Europe (44.7%), Far East (18.8%), North America (7.4%), South America (2.2%), Africa (0.7%) and other (9.2%).