Scor, the French reinsurance firm, has hired BNP Paribas to manage its rights issue, which the firm has said will now be at least €250m ($246m).

A month ago, Scor said it was planning a €400m rights issue, which would have doubled its market capitalisation. The cash call came as a surprise to investors, and its purpose was to fund Scor's growth to take advantage of new underwriting opportunities.