22 April 2016 News

SCOR delivers solid growth in April renewals despite tough market conditions

The property/casualty (P&C) division of French reinsurer SCOR delivered solid growth in the April renewals despite what it described as difficult market conditions.

The reinsurer reported an increase in gross written premiums of 4.7 percent at the recent renewals, with total premiums rising to €440 million from €420 million.

It said rates were more or less stable on most of the renewed business and its expected profitability is on target.

It enjoyed more growth on the speciality side. Its specialty treaty gross premiums increased by 13 percent to €123 million at constant exchange rates enjoying, the company said, attractive opportunities in agriculture, aviation & US cat nat.

In contrast, on the P&C treaty side, its gross premiums grew by 2 percent to €317 million at constant exchange rates.

SCOR added that the premiums renewing on or around 1 April represent 10 percent of the group’s annual total renewable premiums, with the main renewing markets being Japan, India and the US.

In Japan, renewal premiums increase by 7 percent, including the effect of normalised business relationships with the major Japanese insurance groups.

Victor Peignet, chief executive officer of SCOR global P&C, said: "The results of the April renewals are further evidence of the strength of SCOR global P&C's strategy and business execution.

“Market conditions remain difficult, but SCOR global P&C continues to win business from both existing and new clients. We are on track to deliver on the "Optimal Dynamics" strategic plan, and we are actively preparing our new three-year strategic plan, which will be presented in September.”

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