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The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
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The carrier’s CEO described the fall as ”really, really good for us and the rest of the market”.
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The carrier noted that the nat cat loss figure for 2019 was EUR2.05bn, almost double that of the year before. -
Further growth of the carrier will be constrained if it can’t bolster its balance sheet.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The unit also cuts its property cat appetite and reduces line sizes in casualty lines.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The insurer recouped about A$280mn from the aggregate cover in 2019 and expects to draw down an A$101mn stop loss for its fiscal year.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The insurer cut back the 2020 placement after making claims on the deal's first year in effect.
