Scor
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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.
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The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
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The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.
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