Scor
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The French reinsurer faces a number of hurdles as it looks to set its new corporate strategy. We outline the challenges ahead. -
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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The company will also double its coverage for low-carbon energies by 2025.
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Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon.
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The agency affirmed the carrier’s Insurer Financial Strength rating at AA-.
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The carrier also took heavy Covid-19 losses in its L&H division, leading to an operating loss at group level.
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The carrier said lines including political risk, credit and surety and aviation were facing claims.
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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The incoming active underwriter and CUO was deputy active underwriter at Arch Syndicate 2012 and head of terrorism, aviation, war and space for Arch Insurance International.
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A 1% increase in inflation could lead to a five-point increase in combined ratio for a longer-tail risk such as medical professional liability, the Scor chairman said.
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Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.
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The day, originally planned for 29 March, will be moved to the end of July.
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