Scor
-
Risk partnerships will now report direct to the board through the CFO.
-
The firm reallocated from short-tail lines amid social inflation concerns.
-
The company proposed a dividend of EUR1.8 per share for 2023.
-
The carrier also set out detail on its alternative solutions offering.
-
New business across geographies drives top-line growth of 191%.
-
Scor is aiming to double fee income over the next three years.
-
The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
-
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.
-
-
From seeing ILS as a fleeting competitor to a complement to traditional reinsurance, Denis Kessler’s descriptions of the alternative market were always colourful.
-
The long-serving executive turned around the fortunes of the French reinsurer in a two-decade stint as leader.
-
The final pricing on the bond settled at 17% below the mid-point of initial guidance.
-
Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
-
Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
-
The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
-
The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
-
The uplift was helped by the Atropos Catbond fund surpassing $1bn.
-
Scor’s P&C reinsurance business is expecting insurance revenue growth of up to 2% in 2023.
-
The rating downgrades reflect the deterioration in Scor’s operating performance.
-
The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
-
The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
-
The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.
-
The ratings agency said the weakening of the group’s performance in the first part of the year continued into the third quarter.
-
The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.
-
Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
-
The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
-
The agency has also cut the carrier’s long-term issuer default rating to A-.
-
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.
-
The carrier took a net EUR838mn of cat losses in the full year.
-
The deal follows the pension trustees’ £10bn transaction in 2020.
-
Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
-
The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.
-
The flagship Atropos fund reached $1.4bn while its cat bond strategy is sized at $831mn.
-
Alecta said it was "convinced" ILS could produce high-quality, uncorrelated returns.
-
The carrier has also exited US MGAs exposed to North Atlantic cat risk.
-
The carrier launched a share buyback and announced portfolio rebalancing actions.
-
The Scor chairman takes over from Swiss Re CEO Christian Mumenthaler, who steps down after two and a half years in the role.
-
Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
-
From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
-
The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
-
Van Viet was head of underwriting management and retrocession at Scor for 13 years before taking on her current position.
-
The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.
-
He worked for eight years at the French firm, where he oversaw the strategic direction of its ILS business.
-
The reinsurer’s analysis of 20 research groups’ predictions points to a busier season than usual.
-
The settlement ends hostilities that began with Covea’s unsolicited EUR8.3bn takeover bid for the French reinsurer in August 2018.
-
She will be the team leader for pricing and modelling global lines-related cat business with a special focus on agricultural reinsurance.
-
Denis Kessler will cease to be CEO from the end of June this year for personal reasons, a year earlier than planned.
-
Scor Investment Partners has announced that the assimilation of Coriolis Capital into its wider ILS business has now been completed, following an acquisition of the London firm in September 2019.
-
The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
-
The French carrier grew its top line by 14.3% at the April renewals.
-
Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.
-
The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.
-
The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.
-
The carrier predicts Covid’s reinsurance impact will drive market hardening.
-
The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.
-
The $20bn fund has 2% of its assets allocated to ILS, equal to about $400mn.
-
The additional raise takes the carrier’s committed capital to $3.2bn.
-
The ex-Scor staffer will work to expand HSCM’s InsurTech business and serve as managing director.
-
Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
-
Kessler will continue as chairman after the handover, while the incoming chief will start out as deputy CEO.
-
Significant start-up moves this month included Kathleen Faries and Julia Henderson joining Lavant and Piers Cantlay signing up to join McGill.
-
The Atropos fund has delivered 6.29% yield and recorded gross inflows of over $140mn since the beginning of 2020.
-
The current chief says the governance structure will evolve in a “new phase” for the reinsurer.
-
Emmanuel Clarke, Frédéric de Courtois and Benoît Ribadeau-Dumas reportedly compete with insiders including Laurent Rousseau.
-
The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.
-
The changes move away from a management structure built around types of business.
-
The executive says a time lag for start-ups to achieve profitability would favour incumbents.
-
Deputy CEO Laurent Rousseau tells investors the “pruning is over” as the shares rise 11%.
-
The French reinsurer guides away from an equity raise as it predicts further rate hardening.
-
The firm grew its cat book 13% in the June-July renewals.
-
Dow's captive insurer is covered by reinsurers that have included HDI, AIG and Scor.
-
Both firms’ bottom lines are under threat from the pandemic, ratings agencies have said
-
Uncertainty created by Covid-19 is driving demand, as insurers move to protect capital, Jean-Paul Conoscente said this week.
-
The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
-
The bond priced at the top end of forecasts and 16 percent above initial targets, according to sources.
-
Ahead of the renewal, Scor’s CEO had been pushing for double-digit rate increases in Japan.
-
Pricing on the transaction is up 12 percent, according to sources.
-
Scor said it was eager to start marketing the transaction again within the next month when market conditions improve.
-
The company’s previous two Atlas deals were completed using the UK’s new ILS regime.
-
The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
-
Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
-
The carrier’s overall reinsurance premiums dropped by 4.7 percent as renewal rates were up 2.8 percent.
-
The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
-
Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
-
The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
Most Recent
-
Louisiana Citizens bond Bayou Re upsizes 83% to $275mn
19 April 2024 -
Allstate pegs March pre-tax cat losses at $328mn
18 April 2024 -
PFZW’s ILS allocation drops 9% in Q1 to $8.3bn
18 April 2024