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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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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Further rating action is likely if underlying performance does not improve in the short to medium term.
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Neyme was previously vice president, US casualty treaty.
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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.
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The segment’s lustre has been dulled by losses and capital trapping.
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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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