Victor Peignet, CEO of SCOR Global P&C; Source: SCOR
French reinsurer SCOR wants to grow its property/casualty portfolio in the US, particularly casualty business. But, stung by the mistakes of the past, it is proceeding with caution, Victor Peignet, CEO of SCOR Global P&C, told Intelligent Insurer.
In the January 2018 renewals, the reinsurer restrained itself, acting with caution and turning down business on which it deemed the pricing inadequate. It is a slow rebuilding process, Peignet admits.
SCOR has been clear for several years that it wants its P&C division, SCOR Global P&C, to further develop its US franchise and achieve clear Tier 1 reinsurer status. This is its stated goal in its “Vision in Action” plan 2016-2019. It wants to become a top-end reinsurer in the US by size—an achievement that would see its US unit match its position and market share globally.
The logic behind the strategy is clear: the US makes up just under half of the global P&C market. The P&C reinsurance industry total premium worldwide is worth around $160 billion; the US market alone is worth approximately $81 billion, according to a Sept. 26, 2017 SCOR presentation.
P&C, Insurance, Reinsurance, Renewals, Growth, North America, Victor Peignet