Scor sees positive signs in January reinsurance renewals
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The reinsurance market shows some signs of leveling out, according to Paris-based reinsurer Scor S.E., which said Tuesday that risk-adjusted rates fell by 1% at the Jan. 1 renewal.
Scor said that at the Jan. 1 renewal, its gross written premiums for property and casualty treaties increased by 2.4% at constant exchange rates to €2.14 billion ($2.39 billion), driven in large part by an increase in premiums written in the United States after the launch of a client-focused initiative there.
Scor said that for specialty treaties, gross written premiums increased by 0.9% at the Jan. 1 renewal to €880 million ($981,904 million).
Scor said that 68% of its annual volume of treaty premiums renew at Jan. 1, with 71% of that being property and casualty treaties and 29% specialty treaties.
“In view of the difficult business environment in which we operate, this is yet another renewal season that can be considered a success,” Victor Peignet, CEO Of Scor Global P&C S.E., said in a statement.
“Despite the headwinds in front of us, this is a good start to the year and gives us confidence in our ability to maintain profitability on target for 2016,” he added.
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