SCOR optimistic for April renewals, aims for growth: Conoscente

SCOR will likely head into the April renewals with appetite potentially matching levels brought into the 1.1 2024 renewals, SCOR’s chief of P&C reinsurance has said. 

“We still expect positive price movement at this renewal and, in terms of growth, we are looking to grow this portfolio if terms and conditions are adequate,” Jean-Paul Conoscente (pictured), SCOR’s CEO for P&C reinsurance, told equity market analysts under questioning during a presentation of the 1.1 renewal book. 

“I am not sure if at the same order [as at 1.1], but we expect the portfolio to grow at the April renewal,” he said. 

Upward price movement on cat programs at the 4.1 renewals will be countered, to some extent, by a favourable recent loss experience in Japan, Conoscente admits. 

“The market has had very low loss activity in 2023, so I think there will probably be pressure on pricing that we expect for cat programs,” he said. 

Comments follow word that SCOR grew its 1.1 renewal book by an adjusted 13.6% at the January exercise, taking major growth in alternative solutions and cherry picking select specialty lines while skirting growth in core P&C lines.

At the 1.1, SCOR increased its estimated nat cat premium by 9.9%, on a 6.5% price change and 3.5% exposure increase, but said it had maintained a clear 'underweight' in its portfolio for the class.  

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