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Member, Beacon International Group, Ltd.
PARIS--SCOR S.A recorded a net loss for 2001 of 278 million euros ($247.8 million), compared with a profit of 59 million euros ($52.8 million) for the prior year.
The Paris-based reinsurer's premiums, however, rose 41%, to 4.89 billion euros ($4.36 billion), because of gains in market share.
SCOR attributed the results in part to losses on property/casualty reinsurance and large corporate accounts. In particular, SCOR estimated its loss from the Sept. 11 terrorist attacks at $200 million, net of retrocessions.
SCOR said that it expects better results this year, because of the "radical" improvement in pricing in insurance and reinsurance markets in recent months, a reduction in reinsurance capacity as some players have left the market and rising demand.
SCOR also noted that it has withdrawn from property/casualty program business in the United States, which saw heavy losses over the past two years, and from health business in the United States and other countries.