{"id":29200,"date":"2023-05-02T11:30:09","date_gmt":"2023-05-02T09:30:09","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=29200"},"modified":"2023-05-09T07:26:14","modified_gmt":"2023-05-09T05:26:14","slug":"open-letter-to-the-new-ceo-of-scor-thierry-leger","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2023\/05\/02\/open-letter-to-the-new-ceo-of-scor-thierry-leger\/","title":{"rendered":"Open letter to the new CEO of SCOR, Thierry L\u00e9ger"},"content":{"rendered":"

SCOR’s new CEO, Thierry L\u00e9ger, formerly at Swiss Re, takes up his new role today, Tuesday 2 May, a few weeks before the group’s annual general meeting (AGM).<\/strong><\/p>\n

Reclaim Finance, along with 14 partner organizations, has sent him a letter, calling on him to strengthen the French group’s climate commitments as soon as possible. SCOR is the last major European reinsurer to still cover the development of new gas fields. This letter has been delivered just ahead of SCOR’s AGM when the group is expected to announce its new strategic plan. This plan is highly anticipated following SCOR’s poor results announced for 2022, caused in particular by the consequences of climate change.<\/strong><\/p>\n

Formerly director of underwriting at Swiss Re, Thierry L\u00e9ger is familiar with the climate commitments of insurers. He was involved in implementing the Swiss reinsurer’s oil and gas policy, as well as being active in numerous NZIA projects, such as the protocol for defining decarbonization objectives<\/a><\/span> announced last January. The AGM on May 25 is therefore an opportunity to create a new impetus for SCOR’s fight against oil and gas expansion, which he should not miss.<\/strong><\/p>\n<\/div>

Mr. Leger,\u00a0<\/p>\n<\/div>

We, Reclaim Finance, along with 14 partner organizations worldwide, are writing to you to call on you to integrate the cessation of SCOR’s support for oil and gas expansion through its underwriting activities into SCOR’s future strategic plan to be presented at the General Meeting on May 25.\u00a0<\/p>\n

The year 2022 has once again been marked by the consequences of climate change and an increase in the number of climatic catastrophes. As former Chief Underwriting Officer of Swiss Re, you have been directly confronted with the intensification of damages resulting from this disruption which, in your words<\/a><\/span>, is \u00ab\u00a0one of the greatest challenges facing our society\u00a0\u00bb.\u00a0<\/p>\n

You will soon be taking over as Chief Executive Officer of SCOR, the world’s 5th largest non-life reinsurer, which has announced net losses in 2022 for the first time in 20 years. Despite these negative results, caused in particular by the impact of climatic catastrophes, SCOR continues, against the trend of its main competitors, to feed climate change at its source by continuing to cover the expansion of fossil fuels, in particular oil and gas.\u00a0<\/p>\n

In its Net Zero by 2050 scenario, the International Energy Agency (IEA) has clearly projected a halt to the development of new oil and gas fields and new liquefied natural gas (LNG) terminals. It recently reminded us that even the war in Ukraine does not call into question this conclusion and that it does not justify, in any case, the development of a new wave of fossil infrastructures.\u00a0<\/p>\n

On 25 May, at the General Meeting, you will announce SCOR’s future strategic plan, which your shareholders are expecting in order to restore the group’s profitability. We call on you to place the challenges linked to the climate emergency at the heart of this new plan by adopting a robust policy in the face of oil and gas expansion:<\/p>\n