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Member, Beacon International Group, Ltd.
PARIS—SCOR S.E said it recorded a premium increase of 11% during the April 1 reinsurance renewals.
The Paris-based reinsurer also said it recorded a pricing increase of 7% during the renewal period.
In a statement, SCOR said the price increases largely reflect concerns over natural catastrophe-related exposure in Asia. Increase in the volumes underwritten was closely linked to 25% growth recorded in both Japan and India, SCOR added.
Marine and construction business lines recorded growth of 17% and 13% respectively, SCOR said.
“These excellent renewals bear witness to SCOR’s ability to pursue its policy of strict underwriting and active portfolio management, whilst remaining a long-term partner for its clients,” Victor Peignet, CEO of SCOR’s global property/casualty group, said in a statement. “Although 2011 was marked by unprecedented losses in Asia-Pacific, this momentum has been made possible by the group’s strong franchise and the quality of its client relationships.”