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The carrier said its solvency ratio remains within its target range.
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The lawsuit will be a test case for property insurers holding that business interruption policies do not cover pandemic shutdowns.
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Pricing has moved to the top of the guidance range, sources said.
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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.
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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.