Scor seals insurance takeover with Sarkozy brother

PARIS, July 31 (Reuters) - French reinsurer Scor (SCOR.PA) said on Thursday it would buy smaller rival Prevoyance Re for 53 million euros ($83 million) from Malakoff Mederic, an insurer headed by a brother of French President Nicolas Sarkozy.

Scor added that Guillaume Sarkozy, chief executive of Malakoff Mederic, would join its board of directors.

Malakoff Mederic will also take a 3 percent stake in Scor and form a 5-year commercial partnership with Scor.

"Malakoff Mederic's stake in the equity capital of Scor illustrates the desire of both groups to commit to a long-term capital, industrial and commercial partnership," Guillaume Sarkozy said in a statement. (Reporting by Sudip Kar-Gupta; editing by Sue Thomas)