Scor reports catastrophe-fueled loss in third quarterPosted On: Oct. 26, 2017 12:37 PM CST
Hit by catastrophes, Scor S.E. on Thursday reported a €267 million ($314.6 million) loss for the third quarter of 2017 compared with €163 million in net income for the comparable period in 2016.
Property/casualty gross written premiums increased 4.8% to €1.50 billion for the quarter, the Paris-based reinsurer said. Its property/casualty combined ratio was 136.7% vs. 91.4% in the year-ago quarter.
The reinsurer said in its statement that hurricanes Harvey, Irma and Maria and the two Mexican earthquakes represent a combined impact of €598 million pretax, net of retrocession.
For the nine-month period, Scor reported €25 million vs. €438 million in net income for the comparable period. Gross written premiums increased 9.2%, to €4.62 billion. The combined ratio was 107.5% vs. 93% for the first nine months of 2016.