Scor

Citi and Berenberg believe the carrier is more resilient than in the past.

Plus, the latest people moves and all the top news of the week.

Opportunities for profitable growth in cat will be hard to predict, the executive said.

The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.

Continental composite carriers aim to smooth volatility with new initiatives.

CEO Thierry Léger also stressed his intention to repair the carrier’s relations with Covea.

The mid-year renewals point to mounting pressure on reinsurance pricing.

Covea had requested a stay in the proceedings.

The underwriter left Navium Marine last year and before that worked at Atrium.

Scor's CEO said the P&C market had experienced a “competitive” first half.

The P&C segment posted an 82.5% combined ratio for the quarter.

Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.

P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.

Plus, the latest people moves and all the top news of the week.

The CEO expects overall P&C pricing to be “stable” through 2025.

The carrier booked LA wildfire losses of EUR148mn.

The carrier announced a major writedown in its L&H book last year.

London-based US excess casualty writers are increasingly looking to attach lower in the tower.

The reinsurer said the probe concerns the alleged involvement of its former chairman.

Chapman exited from Scor following a 13-year tenure with the carrier.

Plus, the latest people moves and all the top news of the week.

Sources warned some property XoL books are already running 50% loss ratios.

Some of the Big Four are slowing growth as the market softens.

Tim Chapman also holds the role of EMEA head of construction at Scor.

Plus, the latest people moves and all the top news of the week.

The reinsurer pegged the market loss at $40bn.

The carrier pegged its LA wildfire losses at EUR140mn.

EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.

Arta Nasradini joins from AIG, where she led the DACH aerospace team.

The reinsurer has made improvements to its life and health segment, it said.

The executive has also been made Syndicate 2015 active underwriter.

The political violence market is in a competitive stage thanks to an influx of capacity.

Julia Willberg joins from Hannover Re, where she has held several senior roles.

Adrian Poxon also had oversight of engineering, aviation and space at Scor.

The carrier said its P&C and L&H reserves have been confirmed by independent reviewers.

Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.

The carrier has also completed a review of its L&H unit.

The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.

This publication reported earlier that French mutual Covéa has engaged Scor in M&A talks.

The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.

CEO Thierry Léger claims the “insurability” of global risk is becoming “challenged”.

Scor is also limiting its exposure in political risk and cyber.

Plus the latest people moves and all the top news of the week.

Scor disclosed L&H troubles while Swiss Re continued reserving for US casualty.

Léger confirmed that his move to lead the L&H unit will not be permanent.

The P&C segment posted an 86.9% combined ratio for the quarter.

Scor guided to a EUR400mn insurance result loss earlier this month.

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The negative L&H result was driven by reserve updates.

The negative L&H result was driven by reserve updates.

Riots erupted in the Pacific Island territory last month over electoral reforms.

Léger will work as chair and Neal as vice-chair of the reinsurance advisory board.

Combined ratios improved all around thanks to better pricing and a benign cat quarter.

The CEO said Scor is still on track to hit a full-year 87% combined ratio.

The carrier reported 1 April price increases of 3.2%.

The executive will also serve as a member of Scor’s executive committee.

Hard-won profitability has given carriers room to salt away reserves.

Five regional leaders have been appointed for P&C and life and health.

The firm reallocated from short-tail lines amid social inflation concerns.

The company proposed a dividend of EUR1.8 per share for 2023.

Dejung spent 13 years at Scor, most recently as cyber CUO.

The executive has worked for the carrier since 2018.

Opportunities for profitable growth remain in 2024, the agency said.

The executive has over two decades’ experience in the market.

The carrier also set out detail on its alternative solutions offering.

EGPI growth at the firm’s Alternative Solutions unit soared 191%.

Scor partnered with Acrisure Re to build the consortium.

Anderson first joined Scor in 2017 as a senior cyber and technology underwriter.

The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.

Tokio Marine HCC restructured its marine, energy and renewables division earlier this year.

Cat losses were within budgets despite high levels of minor events.

Global P&C CEO Jean-Paul Conoscente, acknowledging a "heavy" quarter for attritional losses, said the carrier had taken action that should lead to ratio improvements over time.

The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.

With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.

Speakers at the Guy Carpenter Baden-Baden symposium said the industry must improve its prospects as an investment opportunity.

The transaction was a partial exercise of an agreement signed by the companies in June 2021.

Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.

The reinsurer’s new CEO said demand is to outstrip supply as cedants grow and exposures expand.

Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.

The French reinsurer said continued price increases, particularly on cat and US casualty, remain necessary.

The reinsurer has announced a detailed plan to diversify its P&C reinsurance book as part of a new strategic plan.

This is the first multi-year plan led by the new CEO.

Downstream underwriters have been pushing for rate this year following high claims activity in 2022.

Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.

The new CEO said the carrier must remain focused on pricing for geopolitical uncertainty.

The carrier also reported 9% rate increases at the summer renewals.

The underwriter has worked at Swiss Re, Ironshore and Alize during his insurance career.

After three years as a company director, Brégier received a unanimous recommendation from the nomination committee.

The executive has worked for the French carrier for almost four decades in various roles in Toronto, Paris and Milan.

The underwriter joined Scor in 2020 having previously led the cargo and specie operation at Starstone.

The long-serving executive turned around the fortunes of the French reinsurer in a two-decade stint as leader.

Varenne was previously interim CEO and group COO of Scor.

After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.

The reinsurer is the fifth major player to leave the organisation, following Swiss Re, Munich Re, Zurich and Hannover Re.

Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.

The global P&C CEO said the carrier will deploy roughly the same capacity in the state as last year.

The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.

The reinsurer achieved rate increases of 7% across its portfolio.

Scor’s P&C reinsurance business is expecting insurance revenue growth of up to 2% in 2023.

Analysts find carriers have few investments in bank debt after Credit Suisse rescue.

Kayley Stewart joins from Fidelis, and Yvonne Ledger and Kate Carrett are joining the environmental liability team.

S&P Global Ratings has affirmed Scor’s financial strength ratings (FSR) at A+, while the French carrier’s outlook remained stable.

The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.

The rating downgrades reflect the deterioration in Scor’s operating performance.

CFO Ian Kelly said the EUR0.40 reduction reflects 2022 as a loss-making year.

Analysts question a 24% Q4 earnings miss as the company cuts its dividend.

It is understood that industry veteran James Grieve will retire this summer after over 16 years at the French reinsurer.

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.

Plus all the top news and latest people moves of the week.

The French carrier has replaced Laurent Rousseau with Swiss Re’s Thierry Léger - midway through a remedial journey. Can a third CEO in two years resolve the carrier’s issues?

The decisive move to replace Laurent Rousseau early in his CEO tenure was about “timely decisions”, the Scor chairman said.

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-.

In response, Scor said it is taking all possible steps to improve its profitability.

Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.

The underwriter will be based in London and report to Marie Biggas and Daniel Carreras.

The French reinsurer’s Q3 update details its extensive remedial efforts – but with the impact yet to be felt, it is still vulnerable to takeover.

The French carrier has vowed to continue its “selective” reinsurance underwriting strategy.

Martine Gerow’s mandate will last for the remainder of Kory Sorenson’s term, which comes to a close at the end of the general meeting in 2023.

The group vows to continue remedial work to restore profitability.

Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.

David Guest’s appointment comes shortly after Christianna Vandoorne, head of terrorism and PV, left the syndicate.

Christianna Vandoorne has been head of terrorism and PV at the syndicate since June 2020.

Further rating action is likely if underlying performance does not improve in the short to medium term.

The scheme aims to fill the gap left when private sector carriers exited the market following the Grenfell disaster.

This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.

Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.

In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.

Chris Beazley stepped down from his CEO position at MS Amlin’s reinsurance arm at the end of August.

Generali France chairman Claude Tendil has served for 13 years.

The CEO likened reinsurance market conditions to those seen in large commercial primary lines post-HIM. 

The carrier said the move will accelerate deal-making in its early-stage investment arm.

Swiss Re, Munich Re, Hannover Re and Scor have set out their strategies on inflation, pricing and Ukraine.

The carrier’s management emphasised further underwriting actions.

The carrier cut its GWP by 9.8% during the summer renewals, including a 24% reduction in exposure to the US.

After serving as a director on Scor’s board for many years, Kory Sorenson has decided to resign due to personal reasons.

Adrian Poxon will take on the role of aviation CUO following Sommerlad’s retirement on 1 September.

Colleagues William Campbell and David Barr have also handed in their notice, although their destination is not yet known.

The reinsurer named climate change as a key driver of the increase in the frequency and severity of droughts.

Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.