French reinsurer Scor has replaced its chairman, Jacques Blondeau, with chief executive Denis Kessler.
The company refused to comment on the reasons for Blondeau's replacement. However last week it revealed it is heading for a loss of £251m.
Scor said that Kessler's priority would be to restore confidence in the company and return it to profitability.
Kessler is believed to be focusing on an immediate rights issue.
He said: "My priorities are to restore confidence in the Group and return us to profitability. I will also get actively involved in the renewals season."
