Scor

The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.

The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.

Scor's CEO said the P&C market had experienced a “competitive” first half.

CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.

The carrier announced a major writedown in its L&H book last year.

The reinsurer said the probe concerns the alleged involvement of its former chairman.

The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.

Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.

The bond provides coverage for North American storms and earthquakes, as well as European windstorms.

Sources warned some property XoL books are already running 50% loss ratios.

The reinsurer pegged the market loss at $40bn.

The carrier pegged its LA wildfire losses at EUR140mn.

EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.

The reinsurer has made improvements to its life and health segment, it said.

The firm has added three new retro partners during 2024.

The firm recorded a 13.3% nat cat impact to the P&C combined ratio.

Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.

The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.

The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.

Losses from mid-sized nat cats added 9.9 points to the P&C combined ratio.

The negative L&H result was driven by reserve updates.

The negative L&H result was driven by reserve updates.

The 2024 winners were celebrated at The HAC in London on 27 June.

The former Goldman Sachs VP has a background in ILS structuring.

The firm’s P&C and life and health retro buying is being centralised.

The bond provides named US storm coverage and US and Canada quake protection.

The carrier reported 1 April price increases of 3.2%.

Risk partnerships will now report direct to the board through the CFO.

The firm reallocated from short-tail lines amid social inflation concerns.

The company proposed a dividend of EUR1.8 per share for 2023.

The carrier also set out detail on its alternative solutions offering. 

New business across geographies drives top-line growth of 191%.

Scor is aiming to double fee income over the next three years.

The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.

Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.

This is the first multi-year plan led by the new CEO.

From seeing ILS as a fleeting competitor to a complement to traditional reinsurance, Denis Kessler’s descriptions of the alternative market were always colourful.

The long-serving executive turned around the fortunes of the French reinsurer in a two-decade stint as leader.

The final pricing on the bond settled at 17% below the mid-point of initial guidance.

Initially the reinsurer offered a pricing spread of 8.25%-9.25%.

Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.

The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.

The bond provides coverage for North America storms and earthquakes, as well as European windstorms.

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.

The rating downgrades reflect the deterioration in Scor’s operating performance.

The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.

The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.

The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.

The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.

The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.

Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.

The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.

The agency has also cut the carrier’s long-term issuer default rating to A-.

Further rating action is likely if underlying performance does not improve in the short to medium term.

Neyme was previously vice president, US casualty treaty.

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 segment’s lustre has been dulled by losses and capital trapping.

The outgoing reinsurance CEO will be succeeded by Stuart McMurdo, current CEO of Scor UK, the Scor syndicate and regional CEO of EMEA.

Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.

The issuance covers US named storm and quake, and European windstorm.

The bond will cover US named storm and earthquake, and Europe windstorm.

CEO Laurent Rousseau said the firm would step up actions to reduce performance volatility.

The reinsurer booked a 104% combined ratio in Q1 on higher than expected cat losses and Ukraine claims, with P&C retro ceded premium up 37%.

The carrier said lines including political risk, credit and surety and aviation were facing claims.

It scaled back in Europe and Japan but entered the hardening retro market.

The carrier took a net EUR838mn of cat losses in the full year.

The deal follows the pension trustees’ £10bn transaction in 2020.

Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.

The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.

The flagship Atropos fund reached $1.4bn while its cat bond strategy is sized at $831mn.

Alecta said it was "convinced" ILS could produce high-quality, uncorrelated returns.