Scor

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.

The carrier has also exited US MGAs exposed to North Atlantic cat risk. 

The carrier launched a share buyback and announced portfolio rebalancing actions.

The Scor chairman takes over from Swiss Re CEO Christian Mumenthaler, who steps down after two and a half years in the role.

Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.

From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.

The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.

Van Viet was head of underwriting management and retrocession at Scor for 13 years before taking on her current position.

The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.

He worked for eight years at the French firm, where he oversaw the strategic direction of its ILS business.

The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.

The settlement ends hostilities that began with Covea’s unsolicited EUR8.3bn takeover bid for the French reinsurer in August 2018.

She will be the team leader for pricing and modelling global lines-related cat business with a special focus on agricultural reinsurance.

Denis Kessler will cease to be CEO from the end of June this year for personal reasons, a year earlier than planned.

Scor Investment Partners has announced that the assimilation of Coriolis Capital into its wider ILS business has now been completed, following an acquisition of the London firm in September 2019.

The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.

The French carrier grew its top line by 14.3% at the April renewals.

Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.

The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.

The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.

The carrier predicts Covid’s reinsurance impact will drive market hardening.

The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.

The $20bn fund has 2% of its assets allocated to ILS, equal to about $400mn.

The additional raise takes the carrier’s committed capital to $3.2bn.

The ex-Scor staffer will work to expand HSCM’s InsurTech business and serve as managing director.

Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.

Kessler will continue as chairman after the handover, while the incoming chief will start out as deputy CEO.

Significant start-up moves this month included Kathleen Faries and Julia Henderson joining Lavant and Piers Cantlay signing up to join McGill.

The Atropos fund has delivered 6.29% yield and recorded gross inflows of over $140mn since the beginning of 2020.

The current chief says the governance structure will evolve in a “new phase” for the reinsurer.

Emmanuel Clarke, Frédéric de Courtois and Benoît Ribadeau-Dumas reportedly compete with insiders including Laurent Rousseau.

The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.

The changes move away from a management structure built around types of business.

The executive says a time lag for start-ups to achieve profitability would favour incumbents.

Deputy CEO Laurent Rousseau tells investors the “pruning is over” as the shares rise 11%.

The French reinsurer guides away from an equity raise as it predicts further rate hardening.

The firm grew its cat book 13% in the June-July renewals.

Dow's captive insurer is covered by reinsurers that have included HDI, AIG and Scor.

Both firms’ bottom lines are under threat from the pandemic, ratings agencies have said

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.

The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.

All the reinsurers want to grow and some leaders continue to pursue growth very aggressively, according to the Scor boss.

The combined $2.1bn offering will now look to develop common products and funds, according to the Coriolis CEO.

The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.

The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.

The CEO stated that the carrier’s 7 percent growth target is not reliant on M&A.

The reinsurer cited its upcoming acquisition of Coriolis as part of plans to expand its ILS presence.

Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.

Industry leaders have lifted the expected total loss to a new high.

The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.

The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries.

The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.

The combination would have around $2.1bn of assets under management.

M&A deals have resulted in reinsurer affiliated businesses overtaking the market share of independent ILS firms, but asset managers have also grown their share via new launches since 2014.

The bond priced towards the upper end of Scor’s initial target.

One of my colleagues with an affection for Denis Kessler’s turn of phrase once labelled him the Beyonce of the reinsurance world.

Coriolis execs Diego Wauters and Martin Jones will stay for at least two years to continue to run the business.

The company is now targeting $250mn for its latest cat bond, which is being issued in the UK.

John Jenkins will take on the role previously held by Jean-Paul Conoscente, who now heads the reinsurer’s global P&C business.

The four-year transaction will provide the carrier with protection against US named storms and earthquakes as well as European windstorms.

The insurer’s P&C combined ratio deteriorates to 94.6 percent.

Rates rose by almost 15 percent for cat programmes in the Japanese market, according to the French reinsurer.

People moves in the industry in the past month.

The reinsurer’s ILS team has reshuffled responsibilities as Vincent Prabis moves on from the fund manager.

Reinsurers anticipate a “correction” in property cat prices at Japanese and Florida renewals.

The reinsurer has confirmed a series of management changes ahead of global P&C CEO Victor Peignet retiring next month.

The insurer also announced the appointment of Jean-Paul Conoscente as global P&C boss as Victor Peignet retires.

The loss tally for catastrophe bonds impacted by the 2017 disaster events has now climbed to $1.1bn, according to January pricing sheets.

The carrier predicts P&C rates will increase in the double digits in both Japan and the US later this year.

The government also said it is exploring the possibility of issuing a cat bond in the near future.

Setting up vehicles under the UK’s new ILS legislation in its first year has required huge amounts of time, money and patience.

The Covea CEO’s resignation follows his company’s thwarted takeover of Scor.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.

The reinsurer reported EUR177mn of losses from named Q3 disaster events.

InsurTech is not a market that is as ripe for disruption as the catastrophe reinsurance business was, according to Scor’s Adrian Jones.

The analyst estimated the continental (re)insurers are each on course to take 5% of losses from the Category 2 hurricane heading for the Carolinas.

The reinsurer has created a new P&C partners unit encompassing its retro and third-party capital strategies as well as insurtech ventures, underwriting management and product development.

The Swedish insurers’ association Svensk Forsakring has estimated the fires that swept through Swedish forests from May to July will lead to insured losses of SEK800mn ($87mn).

The reinsurance deal covers $700mn of liabilities.

Scor's senior underwriter Marco Silva is currently on gardening leave, according to sources.

There has been a downturn in the number of Florida-only cat bonds in the second quarter of this year, with only two Sunshine State deals compared to the five issued last year, as local sponsors expanded the scope of their cover.

The reinsurer is on track to close its new ILS issuance at $300mn.

The European reinsurer's new cat bond includes European windstorm risk for the first time.