Results

The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.

The reinsurer absorbed large nat-cat claims of $938mn in its H1 results.

The carrier’s Ki syndicate made an underwriting profit.

The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.

South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.

Scor said it had cut cat exposure by 21% in 2022 – ahead of a previously announced 15% target – as its P&C business booked a Q2 operating loss of EUR140mn ($143mn), compared with a EUR406mn profit last year.

The start-up’s top team predicted further rate hardening at 1 January.

The company aims to run off its cat and property business by 2024.

The CEO said reduced ILS appetite was a “net positive” for the carrier.

Fee income dropped 24% year on year, as premiums ceded to other strategic partners fell by 7%.

The insurer took a larger H1 gain from its ILS platform year on year, but fee income has dropped.

The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.