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The Canadian insurer saw property rates dip across its global divisions. -
The executive was previously head of excess casualty, North America.
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Specialty casualty now accounts for around 22.2% of its insurance business mix.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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The P&C segment posted an 82.5% combined ratio for the quarter.
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The broker has noted that double-digit reductions are increasingly available in property.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Group CEO Tavaziva Madzinga said it might explore Lloyd’s Names backing in the future.
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Property rates declined by 7% globally in the second quarter.
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The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
