Denis Kessler, chairman of Scor and former vice-president of Medef, has died at the age of 71, the reinsurer announced in a press release on Friday.

"We are deeply saddened by the death of Denis Kessler, whom we had the good fortune to work alongside for many years. He was an exceptional personality, with visionary leadership and incredible intelligence," Scor said in a statement.

Augustin de Romanet, Vice-Chairman of the Board of Directors, is acting Chairman, the company said. He is also CEO of the ADP group.

Denis Kessler joined Scor in 2002 and has been a member of the French Economic, Social and Environmental Council (1993 to 2010), Deputy Vice-Chairman of Medef (1999 to 2022) and a director of several companies, including Bolloré, BNP Paribas and Dassault Aviation.

On the Paris stock exchange, Scor shares gained over 4% following the announcement of the death of its Chairman.

(Written by Zhifan Liu, edited by Kate Entringer)