SCORE Chair Dennis Kessler dies at 71

Dennis Kessler, one of the most influential figures in the global reinsurance industry over the past 20 years, has died at the age of 71.

French reinsurer Score, where Kessler spent two decades as chair, paid tribute to him on Friday, saying he had “dedicated his whole life to the business”.

He was a “man of culture”, they said, as well as “an economist and a respected figure in the insurance and reinsurance world, and more broadly the French business world”.

John Neill, chief executive of Lloyd’s of London, told the Financial Times that the industry needed “characters and voices that stand up to the best we have to offer and Dennis will always be remembered”.

Neil said, “We are all ‘taking off our hats’ and remembering our time with him.”

Kessler chaired the French Federation of Insurance Companies during two periods in the 1990s and during the 2000s, and was president of the group behind the Rendez-vous de Septiembre, the pre-eminent annual reinsurance event in Monte Carlo.

He was a board member of several major companies, including a two-decade stint at banking group BNP Paribas, and has held a seat on the board at asset manager Invesco since 2002. He was also a member of the Economic, Social and Environmental Council of France. From 1993 to 2010.

Kessler was widely praised in the industry for the metamorphosis of Score, which brought it from the brink of collapse in 2002 to one of Europe’s largest reinsurers – groups that provide cover to primary insurers.

“People will shake my hand again now,” Kessler joked a few years later, after returning it to a profit and reinstating its dividend.

But the latter part of his tenure was marked by a bitter legal battle with Covaya after the French mutual group launched a hostile takeover bid in 2018.

Covia’s approach turned into a drawn-out battle, with accusations being made on both sides through the courts and the press, that was only settled in 2021.

That same year Kessler left the chief executive role following a call by France’s financial regulator to split the two top roles at the group, amid a high-profile governance battle with activist investor CIAM.

Kessler made one last reshuffle earlier this year, when Laurent Rousseau, his successor as CEO, resigned from the board after inflation and natural disaster-related claims soured performance and affected the stock price.

Thierry Léger, who replaced Rousseau at the top position, paid tribute to Kessler, saying, “His passion for reinsurance was unparalleled, and his ambition to make SCORE the industry leader has never left him. This has been reflected in the past 21 years.” As head of the group, he has been the driving force behind all his actions.

Score said its vice-chairman, Augustin de Romanet, would chair the board until a new chair was appointed.

Dennis Kessler, one of the most influential figures in the global reinsurance industry over the past 20 years, has died at the age of 71.

French reinsurer Score, where Kessler spent two decades as chair, paid tribute to him on Friday, saying he had “dedicated his whole life to the business”.

He was a “man of culture”, they said, as well as “an economist and a respected figure in the insurance and reinsurance world, and more broadly the French business world”.

John Neill, chief executive of Lloyd’s of London, told the Financial Times that the industry needed “characters and voices that stand up to the best we have to offer and Dennis will always be remembered”.

Neil said, “We are all ‘taking off our hats’ and remembering our time with him.”

Kessler chaired the French Federation of Insurance Companies during two periods in the 1990s and during the 2000s, and was president of the group behind the Rendez-vous de Septiembre, the pre-eminent annual reinsurance event in Monte Carlo.

He was a board member of several major companies, including a two-decade stint at banking group BNP Paribas, and has held a seat on the board at asset manager Invesco since 2002. He was also a member of the Economic, Social and Environmental Council of France. From 1993 to 2010.

Kessler was widely praised in the industry for the metamorphosis of Score, which brought it from the brink of collapse in 2002 to one of Europe’s largest reinsurers – groups that provide cover to primary insurers.

“People will shake my hand again now,” Kessler joked a few years later, after returning it to a profit and reinstating its dividend.

But the latter part of his tenure was marked by a bitter legal battle with Covaya after the French mutual group launched a hostile takeover bid in 2018.

Covia’s approach turned into a drawn-out battle, with accusations being made on both sides through the courts and the press, that was only settled in 2021.

That same year Kessler left the chief executive role following a call by France’s financial regulator to split the two top roles at the group, amid a high-profile governance battle with activist investor CIAM.

Kessler made one last reshuffle earlier this year, when Laurent Rousseau, his successor as CEO, resigned from the board after inflation and natural disaster-related claims soured performance and affected the stock price.

Thierry Léger, who replaced Rousseau at the top position, paid tribute to Kessler, saying, “His passion for reinsurance was unparalleled, and his ambition to make SCORE the industry leader has never left him. This has been reflected in the past 21 years.” As head of the group, he has been the driving force behind all his actions.

Score said its vice-chairman, Augustin de Romanet, would chair the board until a new chair was appointed.