Scor
-
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.
Most Recent
-
KCC updates Ian insured loss estimates to around $63bn
30 September 2022 -
Ian makes second landfall in South Carolina as Category 1 hurricane
30 September 2022 -
Plenum: A $50bn Ian loss would push cat bond funds to loss
30 September 2022