Scor
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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.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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Kayley Stewart joins from Fidelis, and Yvonne Ledger and Kate Carrett are joining the environmental liability team.
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S&P Global Ratings has affirmed Scor’s financial strength ratings (FSR) at A+, while the French carrier’s outlook remained stable.
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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The rating downgrades reflect the deterioration in Scor’s operating performance.
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CFO Ian Kelly said the EUR0.40 reduction reflects 2022 as a loss-making year.
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Analysts question a 24% Q4 earnings miss as the company cuts its dividend.
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It is understood that industry veteran James Grieve will retire this summer after over 16 years at the French reinsurer.
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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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