French reinsurer Scor Re has stepped away from negotiations to buy Gerling Re’s life business and some non-life reinsurance operations.

CEO Jacques Blondeau’s management team decided the deal wasn’t going to add any value for Scor shareholders. Gerling said yesterday it will reopen discussions with other potential purchasers. Hannover Re has shown an interest in buying Gerling’s European life reinsurance business, but nothing else.