Results
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The syndicate tripled its cyber premium income from a low base.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019. -
Cat losses were £1.1bn lower year on year at £1.8bn.
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This came as major losses ceded to retro partners reached EUR541mn.
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GWP was up 53 percent in the last quarter, reflecting the growth of the InsurTech subsidiary.
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The “vast majority” of the Irma loss increase would be covered by the Florida Hurricane Catastrophe Fund, CFO Frank Wilcox 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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But the carrier’s CEO stressed the importance of moderation in the price hikes.
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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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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The group CUO stressed that returns shouldn’t be judged on a one-year period.
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The Bermudian ILS platform returned to profit after a loss-making 2018.
