Reinsurer sets sights on U.S. market after ratings upgrade

MONTE CARLO, Monaco — Scor S.E. will continue to expand its business in the United States after its recent rating upgrade, the Paris-based reinsurer says.

Scor, which was upgraded to AA- by Standard & Poor's Corp. this month, currently is “underweight” in the United States, writing only about 15% of its— or about $1 billion — there, Victor Peignet, CEO of Scor Global P&C, said Sunday at a briefing during the Rendez-Vous de Septembre reinsurance gathering in Monte Carlo, Monaco.

The reinsurer's rating is now “commensurate with its peers” and will enable it to underwrite more U.S. business, Mr. Peignet said.

Scor now is an option for U.S. cedents to diversify their credit risk, he said.

The reinsurer is carefully broadening its risk appetite in the United States, Mr. Peignet said.

It expects to see growth from specialty insurers, risk sharing entities such as risk retention groups and captives, niche insurers and “supra-regional” players, Mr. Peignet said.

Scor now is tier-one reinsurer, said Denis Kessler, CEO of Scor S.E.

He said that the continued trend of cedents reducing the size of their reinsurer panels made it important to be in the top tier of reinsurers, and he noted that merger and acquisition activity likely will intensify a trend toward cedents using fewer, larger reinsurers.