Scor
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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.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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The carrier announced a major writedown in its L&H book last year.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
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The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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Sources warned some property XoL books are already running 50% loss ratios.
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The reinsurer pegged the market loss at $40bn.
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The carrier pegged its LA wildfire losses at EUR140mn.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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The reinsurer has made improvements to its life and health segment, it said.
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The firm has added three new retro partners during 2024.
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The firm recorded a 13.3% nat cat impact to the P&C combined ratio.
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Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.
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Losses from mid-sized nat cats added 9.9 points to the P&C combined ratio.
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The negative L&H result was driven by reserve updates.
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The negative L&H result was driven by reserve updates.
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The 2024 winners were celebrated at The HAC in London on 27 June.
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The former Goldman Sachs VP has a background in ILS structuring.
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The firm’s P&C and life and health retro buying is being centralised.
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The bond provides named US storm coverage and US and Canada quake protection.
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The carrier reported 1 April price increases of 3.2%.
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Risk partnerships will now report direct to the board through the CFO.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The company proposed a dividend of EUR1.8 per share for 2023.
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The carrier also set out detail on its alternative solutions offering.
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New business across geographies drives top-line growth of 191%.
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Scor is aiming to double fee income over the next three years.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
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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.
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From seeing ILS as a fleeting competitor to a complement to traditional reinsurance, Denis Kessler’s descriptions of the alternative market were always colourful.
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The long-serving executive turned around the fortunes of the French reinsurer in a two-decade stint as leader.
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The final pricing on the bond settled at 17% below the mid-point of initial guidance.
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Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
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The uplift was helped by the Atropos Catbond fund surpassing $1bn.
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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.
