Reinsurance News

SCOR Syndicate reports “strong” 2022 results with 90.1% combined ratio

21st March 2023 - Author: Kassandra Jimenez-Sanchez

SCOR Syndicate has announced its 2022 results reporting a combined ratio of 90.1%, a strong underwriting profit of £22.6m and improved gross written premiums (GWP) that reached £306.2m.

Overall, the carrier reported improved results, which according to the announcement, reflect SCOR’s strategy of diversification, sustainable growth and focus on high-quality execution.

The 2022 combined ratio increased by 2.4 points compared to the 92.5% reported in 2021. Underwriting results grew 48% compared to the £13.8m reported in the year prior. GWP also saw an improvement as they increased by 15% compared to the £265.7m in 2021.

SCOR Syndicate also forecasted gross written premiums (GWP) for 2023 to increase to £390.0m, from £306.2m in 2022 and £265.7m in 2021.

Along with its results, SCOR also announced three senior hires to strengthen its Environmental Impairment Liability (EIL) practice, and Crisis Management capabilities.

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Yvonne Ledger and Kate Carrett have been appointed Senior Underwriters, effective March 20 and May 15, 2023, respectively. They will both report to Emma Bartolo, Global Segment Lead for EIL.

Kayley Stewart set to join in September from Fidelis, as a Senior Underwriter in the Crisis Management team. She will report to David Guest, Global Line Head of Crisis Management.

Chris Beazley, CEO of SCOR UK and the SCOR Syndicate, said: “We have delivered another set of strong results building on the momentum from the past few years. This demonstrates the success of our strategy to diversify the business, to prioritise high-quality execution and to deepen our integration into the wider SCOR Specialty Insurance business.

“SCOR’s syndicate platform continues to grow, reinforcing our position as a leading player in specialty insurance, which is enabling us to attract high calibre talent to our team. We remain dedicated to growing sustainably and to leveraging our expertise and strong market presence to provide innovative and tailored solutions to our clients.”

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