Scor
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The outgoing reinsurance CEO will be succeeded by Stuart McMurdo, current CEO of Scor UK, the Scor syndicate and regional CEO of EMEA.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The issuance covers US named storm and quake, and European windstorm.
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The bond will cover US named storm and earthquake, and Europe windstorm.
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CEO Laurent Rousseau said the firm would step up actions to reduce performance volatility.
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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%.
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The carrier said lines including political risk, credit and surety and aviation were facing claims.
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It scaled back in Europe and Japan but entered the hardening retro market.
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The carrier took a net EUR838mn of cat losses in the full year.
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The deal follows the pension trustees’ £10bn transaction in 2020.
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Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
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The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.