Scor
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The uplift was helped by the Atropos Catbond fund surpassing $1bn. -
Scor’s P&C reinsurance business is expecting insurance revenue growth of up to 2% in 2023.
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The rating downgrades reflect the deterioration in Scor’s operating performance.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
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The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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Further rating action is likely if underlying performance does not improve in the short to medium term.
