SCOR banishes US casualty to its US underwriters, sees growth elsewhere

Global reinsurance group SCOR remains “very cautious” on US casualty lines and will restrict its underwriting of US casualty risks to its local North American units while directing the bulk of its underwriting talent to developing other liability markets, CEO Thierry Léger has declared. 

SCOR feels “very cautious” on US casualty, Léger told his company’s fourth quarter earnings call, placing the segment next to climate-affect lines and war, terror and political risks on the SCOR warning list. 

SCOR is sufficiently put off from US casualty risks to cordon off the market and ensure that its broader underwriting talent is focused on more promising markets. 

“We have decided to stop underwriting US general liability and professional indemnity risk business from Europe,” Léger told his company’s fourth quarter earnings call. “We will only write this business locally from the US.” 

London- and Paris-based underwriters “will focus on developing the non-US book of general liability and professional indemnity, one of our strategic growth areas,” Léger said. 

SCOR has been consistent of late in skirting US casualty. The relative size of the renewed US Casualty business has already been coming down, last at 3.3% of book t 1.1.2024 from 3.9% at 1.1.2023. While SCOR tips its hat to work cedants have done on rate at the primary level, gains pale next to the threat of double-digit inflation now likely for the line, officials said after the 1.1 renewals. 

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