French reinsurer Scor delivered a third quarter net profit on Wednesday, saying this helped justify its rejection of last month’s 8.2 billion euro ($9.4 billion) bid by rival Covea.


“This performance bears witness to the relevance of our strategy,” Scor Chief Executive Denis Kessler said in a statement, later adding that “the board of directors doesn’t wish Scor to become a Covea subsidiary”.


Although Covea, an increasingly assertive player on the French insurance market with wider European ambitions, has said it intends to take over Scor despite the rejection, Kessler said it had not received any new offer.


Covea, which already owns about 8.5 percent of Scor, offered in late August to pay 43 euros per share, but this was rejected by Scor’s board as undervaluing it.Scor shares, which were up 1.4 percent following its earnings, have gained roughly 15 percent since Covea’s bid.


Excluding the effects of a U.S. tax reform, Scor was close to meeting its 2019 targets during the third quarter, Kessler said after the reinsure said its third quarter net income had risen to 80 million euros.


This compared with a loss of 267 million euros a year ago, when earnings were hit by the impact of hurricanes Harvey, Irma and Maria and devastating earthquakes in Mexico.Scor’s net profit over the first nine months of the year rose to 342 million euros from 25 million euros last year. Excluding the negative effects of U.S. tax reforms, Scor said its net profit was 405 million euros. ($1 = 0.8718 euros