SCOR CEO Thierry Léger has revealed that the firm will stop underwriting US General Liability and Professional Indemnity single-risk business from Europe, deciding to only write it locally from the US in the future.
Léger disclosed this information in SCOR’s Q4 earnings call, noting that the decision will be effective for renewals and new policies incepting from the 1st of May 2024.
“London and Paris-based underwriters will focus on developing the non-US book of general liability and professional indemnity business, one of our strategic growth areas,” Léger added.
According to the French reinsurer’s CEO, SCOR’s modus operandi for 2024 and beyond is to focus on delivering on its three-year plan, forward 2026, which consists of growing the business while simultaneously modernising it.
“We are very strategic about how we grow our business. Profitability is a must, and we constantly seek to improve our diversification, solutions capabilities, and new sources of growth,” Léger said.
He continued, “We are a risk management company and put underwriting at the heart of what we do. Taking risks is our business. Nevertheless, as we go and try to offer solutions to our clients, we have a limited appetite for risks exposed to climate change.
“We are also conscious of the geopolitical environment, and increasing exposure to war, terrorism and civil unrest, and we remain very cautious regarding US casualty.
“To enhance our commercial drive, we take actions to improve client orientation, fast decision-making, and how we bring the full potential and expertise of SCOR to our clients.
“We have decided to stop underwriting US General Liability and professional indemnity single-risk business from Europe.
“In the future, we will only write this business locally from the US. It will be effective for renewals and new policies incepting from the 1st of May 2024.”
Earlier today, SCOR reported a net income of €162 million for the fourth quarter and a record €812 million for the full year 2023, as the P&C combined ratio strengthened in both periods on the back of lower catastrophe losses.
Net income for the quarter and the full year compares with a loss in both periods in 2022, as the underwriting performance improved as well as the investment result.
