Lloyd’s syndicate SCOR Channel, which is part of global re/insurer SCOR’s Specialty Insurance platform, has announced improved results for 2021, including a 100% increase in its underwriting profit.
SCOR Channel recorded a twofold increase in underwriting profit, which moved from £7 million to £14 million, as well as a £5 million increase in total comprehensive income, which also finished the year at £14 million.
Additionally, as part of its continued integration with the SCOR Group, it has been announced that SCOR Channel will be renamed as SCOR Syndicate from April 1st.
“The renaming of SCOR Channel as the SCOR Syndicate reflects the depth of its integration into the wider SCOR Specialty Insurance unit,” said Romain Launay, Deputy CEO of SCOR P&C and CEO of Specialty Insurance.
“This integration allows SCOR to leverage a unified London platform and a single pool of top talent to write business in a flexible way, thereby offering the optimal solutions to our client needs.”
Other notable points from SCOR Channel’s results for the year include a £33 million increase in gross written premiums, which totalled £266 million, as well as a 3.8 percentage point decrease in the combined ratio, which came to 92.5%.
“Despite some market turbulence, 2021 proved to be another good year for SCOR Channel. Following the resetting of our strategy in Q4 2018 and the remediation work accomplished through 2019, we are delighted to see another strong set of results for our syndicate,” said Stuart McMurdo, CEO of SCOR P&C EMEA.
“These results further strengthen the business’ position within SCOR’s Specialty Insurance unit, promoting increased structural alignment. Going forward, our focus is on ensuring our portfolio continues to be sustainable through diversification away from the property segment, while maintaining our position therein.”
