10 March 2022Insurance

SCOR rebrands Lloyd’s arm as syndicate profit doubles after strategy reboot

SCOR’s Channel Syndicate 2015 at Lloyd’s has managed to double its profits and vastly improve its combined ratio despite witnessing some market turbulence in 2021. The Channel Syndicate has been renamed as  SCOR Syndicate, reflecting its integration into the wider  SCOR Specialty Insurance unit.

Channel began to reset its strategy in late 2018 and took corrective actions, such as increasing integration across syndicate and SCOR Specialty Insurance platform, in order to make the business stronger and more robust.

The syndicate produced a profit of around £25 million over the past two years. For the financial year 2021, its profits doubled to £14.1 million, compared with £7 million in 2020.

The syndicate reported a combined ratio of 92.5%, a marked improvement on the 96.3% CR seen a year ago. Similarly, its gross premium written also increased from £233 million in 2020 to £266 million in 2021.

Stuart McMurdo, chief executive officer of SCOR P&C EMEA, said: “Despite some market turbulence, 2021 proved to be another good year for SCOR Channel. Following the resetting of our strategy in Q4 2018 and the remediation work accomplished through 2019, we are delighted to see another strong set of results for our syndicate.

“These results further strengthen the business’ position within SCOR’s Specialty Insurance unit, promoting increased structural alignment. Going forward, our focus is on ensuring our portfolio continues to be sustainable through diversification away from the property segment, while maintaining our position therein.”

Romain Launay (pictured), deputy CEO of SCOR P&C and CEO of Specialty Insurance, added: “The renaming of SCOR Channel as the SCOR Syndicate reflects the depth of its integration into the wider SCOR Specialty Insurance unit. This integration allows SCOR to leverage a unified London platform and a single pool of top talent to write business in a flexible way, thereby offering the optimal solutions to our client needs.”

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