Reinsurance News
SCOR news
News on one of the world’s largest reinsurance companies, France headquartered SCOR.
SCOR is one of the leading global reinsurance company’s and our news covers SCOR’s news announcements, people moves, results and financial performance, as well as analysis of reinsurance market trends and interviews.
SCOR announces NZIA withdrawal and new sustainability commitments
25th May 2023
Global insurer SCOR is withdrawing from the Net-Zero Insurance Alliance (NZIA), CEO Thierry Léger announced during the company’s most recent Annual General Meeting. Léger also announced SCOR’s new sustainability commitments which include a new policy on gas among others. This states that the reinsurer will no longer cover new gas field development ... Read the full article
Europe’s big four see “better-than-expected” financial performance in Q1: Fitch
25th May 2023
Three out of the four major European reinsurers reported better technical results in Q1 of 2023 despite a high natural catastrophe charge, suggest analysts at Fitch Ratings. Fitch explains that better pricing and portfolio adjustments made up part of the improvement, however, discounting effects under IFRS 17 also led to a ... Read the full article
SCOR posts improved Group net income in Q1 2023
12th May 2023
French reinsurer SCOR has reported Group net income of EUR 311 million in the first quarter of 2023, compared with a net loss of EUR 35 million a year earlier, although insurance revenue declined 4% to EUR 3.9 billion. Across the Group, gross written premiums (GWP) fell by 0.7% year-on-year to ... Read the full article
Large losses to come in above budget for Europe’s big four reinsurers in Q1: BofA
3rd May 2023
Bank of America (BofA) estimates that European reinsurance results will fail to hugely impress against already-high expectations for the sub-sector, while analysts expect that all four major European reinsurance companies will have exceeded their Q1 large losses budget. The key factor for these losses according to the bank is natural disasters. ... Read the full article
WTW names SCOR’s Thinnes as Head of Energy & Construction Property
26th April 2023
Global brokerage WTW has appointed Matthew Thinnes as Head of Energy & Construction Property on its Direct and Facultative team, based in North America. Based in New York, Thinnes joins the firm with over 20 years of industry experience. In his most recent role he served as Vice President – North America Construction Manager, at ... Read the full article
SCOR “significantly” improves risk/return profile of P&C portfolio at April renewals
20th April 2023
SCOR, one of Europe's big four reinsurance companies, capitalised on the favourable reinsurance market conditions at the April 1st, 2023, renewals, achieving property and casualty (P&C) gross written premium (GWP) growth of 17% to EUR 724 million, excluding agriculture. The reinsurer notes that it "significantly" improved the expected technical profitability and ... Read the full article
SCOR sets new targets and assumptions amid IFRS 17 transition
12th April 2023
French reinsurer SCOR has released a set of financial targets and assumptions for 2023 amid the transition to the new IFRS 17 accounting framework, which it says will notably allow it to disclose the full value of its risk portfolio. As of Q1 2023, the reinsurer will publish its financial results ... Read the full article
Europe’s big four hit by weaker underwriting & investment losses: Fitch
27th March 2023
Hannover Re, Munich Re, SCOR and Swiss Re all reported lower earnings for 2022 as high inflation, rising interest rates and climate-related costs led to lower underwriting and investment results, suggests a new report from Fitch Ratings. The rating agency notes that in 2022, attempts to raise prices proved to be ... Read the full article
SCOR Syndicate reports “strong” 2022 results with 90.1% combined ratio
21st March 2023
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 ... Read the full article
S&P affirms SCOR credit ratings despite 2022 net loss
14th March 2023
S&P Global Ratings has affirmed its 'A+' long-term insurer financial strength and issuer credit ratings on SCOR SE and related core subsidiaries despite the company reporting a €301m net loss for the full-year 2022 and a drop in capitalization. The outlook of these credit ratings remains stable, the agency added. SCOR’s negative ... Read the full article
AM Best downgrades Credit Ratings of SCOR
10th March 2023
AM Best has downgraded the Credit Ratings of SCOR, noting that the decision reflects deterioration in the French reinsurer's operating performance, which is no longer considered supportive of AM Best’s previous strong assessment. The rating agency has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the ... Read the full article
SCOR posts FY net loss as nat cats, war & economic pressures cuff profitability
2nd March 2023
French reinsurer SCOR has reported a net loss of €301 million for the full year 2022, citing natural catastrophes such as Hurricane Ian and the hailstorms in France, as well as the war in Ukraine and ongoing macroeconomic pressures as key driving points. This net loss reported by SCOR compares with ... Read the full article
SCOR appoints Yves Goldschild Group Head of Human Resources
21st February 2023
Global re/insurer SCOR has named Yves Goldschild, previously Head of Compensation and Benefits, the new Group Head of Human Resources. He will report to Claire Le Gall-Robinson, SCOR’s General Secretary and Group Chief Sustainability Officer. Before joining SCOR in 2020, Goldschild was in charge of Compensation and Benefits at TechnipFMC, first for ... Read the full article
SCOR promotes Lomeli to LatAm CUO, Grieve to retire
20th February 2023
Global reinsurer SCOR has appointed senior reinsurance professional Alfredo Lomeli as P&C Reinsurance Chief Underwriting Officer (CUO) for Latin America & Caribbean. He will be taking over the role from James Grieve, who will be retiring this year after having worked at SCOR for over seventeen years. Pierre Favennec, CUO for MEA ... Read the full article
SCOR expands partnership with insurtech Concirrus
14th February 2023
SCOR has announced an expansion of its partnership with Concirrus, which will see the insurtech replace SCOR's existing data model, enabling the French re/insurer to more accurately price future risks within its marine line of business. The two firms first announced their working relationship in 2022 when SCOR began harnessing ... Read the full article
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