Generali deal boosts Q1 growth at SCOR

Boosted by its recent acquisition of Generali, French reinsurer SCOR posted substantial growth in the first quarter of 2014 with its gross written premiums (GWP) hitting €2.6 billion, up 14.8 percent at constant exchange rates.

The growth was driven by SCOR Global Life, which increased its GWP by 26 percent at constant exchange rates to €1.46 billion, supported by the Generali US acquisition. SCOR Global P&C also grew its GWP by 3.6 percent €1.2 billion.

The company’s net profit also improved to €135 million in the first quarter compared with €111 million in the first quarter of 2013, up 21.6 percent. SCOR Global P&C’s Q1 2014 net combined ratio was 88.9 percent compared with 90.4 percent in Q1 2013. It said this benefitted from the low level of natural catastrophes, which have only contributed 2.1 points compared to its cat budget of 7 points indicated in in strategic plan.

The company also noted a couple of other highlights in the quarter. It launched a new fully collateralised sidecar, Atlas X Reinsurance, a special purpose reinsurance vehicle in line with its policy of pooling in its capital shield all the available capital protection tools. It also launched a Lloyd’s Managing Agency and completed key transactions in the longevity and financial solutions markets.

Denis Kessler, chairman and chief executive of SCOR, said: “The results recorded by SCOR over the first quarter in terms of growth, profitability and solvency once again demonstrate the pertinence and strength of its strategic decisions.

“In the first quarter, the group records significant progress in a number of areas, including solid growth in SCOR Global Life, strong January and April P&C renewals and the reinforcement of our platforms in the US and the London market. SCOR is firmly on track to achieve the profitability and solvency targets defined in ‘Optimal Dynamics’.”