Scor
-
Uncertainty created by Covid-19 is driving demand, as insurers move to protect capital, Jean-Paul Conoscente said this week.
-
The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
-
The bond priced at the top end of forecasts and 16 percent above initial targets, according to sources. -
Ahead of the renewal, Scor’s CEO had been pushing for double-digit rate increases in Japan.
-
Pricing on the transaction is up 12 percent, according to sources.
-
Scor said it was eager to start marketing the transaction again within the next month when market conditions improve.
-
The company’s previous two Atlas deals were completed using the UK’s new ILS regime.
-
The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
-
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.
-
The carrier’s overall reinsurance premiums dropped by 4.7 percent as renewal rates were up 2.8 percent.
-
The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
-
Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
