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Reinsurance News


Roughly 40% of SCOR’s gross Q3 cat losses covered by retro

26th October 2017

France domiciled insurer and reinsurer, SCOR, made use of efficient retrocession protection to mitigate the impacts of high catastrophe losses in the third-quarter of 2017, however, the firm still recorded a pre-tax net loss of €598 million for the period. Global insurers and reinsurers have started to reveal their third-quarter and ... Read the full article

SCOR reaches excess of loss reinsurance agreement with Iran’s Mellat Insurance

24th October 2017

France domiciled reinsurer, SCOR, has reached an agreement with Iranian insurer, Mellat Insurance, an affiliation of Bank Mellat, to provide the company with excess of loss reinsurance protection, according to reports. According to reports on Iranian online publication, Financial Tribune, SCOR will cover catastrophe losses related to Mellat Insurance's fire policies, ... Read the full article

“Disruption doesn’t bring opportunities, we have to earn them” – James Nash

23rd October 2017

“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article

SCOR puts Harvey, Irma, Maria, Mexico quake loss at EUR 430m

9th October 2017

French reinsurance company SCOR has estimated that its costs from recent hurricanes Harvey, Irma and Maria, as well as the earthquakes in Mexico, will come to EUR 430 million after retrocession and tax. SCOR had previously said that it believed that despite recent third-quarter 2017 catastrophe losses, it was still ... Read the full article

SCOR enters into catastrophe reinsurance agreement for Iran

2nd October 2017

Global reinsurer SCOR has reached an agreement with the Central Insurance of Iran (CII) to provide catastrophe excess of loss reinsurance protection in the country, a move that supports the development of the country's insurance and reinsurance industry. Since the lifting of sanctions in Iran in January, 2016, the CII has ... Read the full article

Data & knowledge is the re/insurance sector’s opportunity: SCOR’s Peignet

27th September 2017

During the annual meeting of the reinsurance industry in Monte-Carlo, Reinsurance News met with the Chief Executive Officer (CEO) of SCOR Global P&C, Victor Peignet, to discuss some burning industry topics. Regarding the potential but very uncertain impact of hurricane Irma, Peignet underlined how a fragmented market made it difficult to ... Read the full article

SCOR maintains targets despite recent catastrophe events

26th September 2017

In spite of hurricanes Harvey, Irma, and Maria, global French reinsurer, SCOR, remains on track to meet its "Vision in Action" targets, and the company doesn't expect to experience any financial ratings impact. The impacts of hurricanes Harvey and Irma is expected to be an earnings event for the global reinsurer, ... Read the full article

Recent events will see reinsurance industry “shaken up,” says SCOR’s Kessler

10th September 2017

Speaking at the annual meeting of the reinsurance industry in Monte-Carlo, Denis Kessler, the Chairman and Chief Executive Officer (CEO) of SCOR, said the industry is going to be shaken up by the impacts of hurricane Harvey and hurricane Irma. After devastating parts of the Caribbean, Cuba and the Bahamas, hurricane ... Read the full article

50% of potential Harvey insured loss expected to be covered by reinsurance: J.P. Morgan

25th August 2017

As hurricane Harvey continues its track towards the state of Texas as a Category 2 storm, expected to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, the expected loss remains uncertain. However, J.P. Morgan expects roughly 50% of the insured loss to be ... Read the full article

SCOR opens non-life reinsurance office in Kenya

24th August 2017

French reinsurance firm SCOR is opening a new SCOR Global P&C SE representative office focusing on non-life reinsurance in Nairobi, Kenya. Following up on an initial approval granted in April 2016, the Insurance Regulatory Authority of Kenya (IRA) has now confirmed that it approves the opening of a SCOR Global P&C ... Read the full article

European reinsurers’ cat budgets strong, only a very large loss will turn pricing: RBC

17th August 2017

With the peak of the Atlantic hurricane season approaching uncertainty remains for European reinsurers driven by the potential for large losses, but with annual catastrophe budgets being relatively high, only the most severe loss event would start a turn in the market, according to RBC Capital Markets. Based on historical data, September ... Read the full article

SCOR continues global expansion, announces new share buy-back

27th July 2017

French headquartered global reinsurance firm SCOR has reported another set of results which are largely in-line with or beat analyst expectations, while also showing that the firm continues to expand its footprint globally. At a time when many in the reinsurance market have been pulling-back, or contracting their reinsurance underwriting while ... Read the full article

ReMark appoints Na Jia CEO & Head of SCOR Global Life Distribution Solutions

20th July 2017

SCOR subsidiary, ReMark International, has named Na Jia, an industry veteran with over 20 years re/insurance experience, as its new Chief Executive Officer (CEO) and Head of Global Distribution Solutions at SCOR Global Life, working as a member of the segment's Senior Management Team. Jia’s appointment comes into effect from July ... Read the full article

SCOR to acquire 100% of mutual life/health reinsurer MutRé

17th July 2017

French reinsurance giant SCOR has announced this morning that it is to acquire the remaining shares of MutRé S.A., a reinsurer that SCOR has held a 33% stake in since 1998. MutRé S.A. is a mutual reinsurer, established to serve the social economy in France and a particularly major player in ... Read the full article

SCOR & PIC enter £1 billion longevity reinsurance swap

12th July 2017

Pension Insurance Corporation plc (PIC) has entered into a £1 billion (US$1.28bn) longevity reinsurance transaction with French reinsurer SCOR, meaning the insurer has now reinsured over 70% of its overall longevity risk. In a statement, PIC explains the new reinsurance agreement covers the longevity exposure of roughly 7,000 in-payment lives and ... Read the full article

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