French reinsurance provider Scor is reportedly poised to acquire German equivalent Revios in a bid to become a global leader in life reinsurance.
Scor will pay between E605 and E650 million for 100% of the German insurance outfit to produce a combined company with a premium volume of E2.25 billion.
According to the Financial Times, the new company will be called Scor Global Life, and will be the fourth largest reinsurer in the world with an 8% market share.
The combined entity will be the market leader in France, second in Italy and Spain, third in Germany and will hold a significant share of a number of other western European markets.
Reports suggest Scor will fund its purchase through an approximate 50/50 split between a rights issue and a subordinated debt issue.