Scor sees almost 10% growth at January reinsurance renewals

Scor SE’s property/casualty reinsurance renewal premiums grew by 9.7% to €3.2 billion ($3.6 billion) at the January renewals, the France-based reinsurer reported Thursday.

The largest growth was in the United States, where Scor has a balance of short- and long-tailed business, the company said in a statement.

Scor said it declined business with less attractive margins or risk profiles, especially when pricing was insufficient, and this included some “very large proportional treaties.”

Risk-adjusted pricing increased 1.3% compared with pricing in January 2018, and the expected profitability of the business written, both on a technical and risk-adjusted capital basis, remained stable, the statement said.

Scor predicts the firm market will continue for April, June and July renewals and said that further hardening is possible as contracts hit by 2018 natural catastrophe and man-made losses come up for renewal.

Despite an estimated €384 million hit net of retrocession and before tax from natural catastrophes losses in the fourth quarter of 2018, Scor said in the statement the full year net combined ratio for its global property/casualty business is expected to stay below 100%.

Scor is due to report 2018 results Feb. 20.