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 key changes to its Board of Directors

28th July 2022

Global insurer and reinsurer SCOR has announced several key changes to its Board of Directors. With effect from July 28, 2022, Bruno Pfister, independent director and currently Chairman of the Risk Committee, will take up the chairmanship of the Audit Committee. Pfister succeeds Kory Sorenson, who, after many years spent as a ... Read the full article

SCOR posts H1 2022 net loss as nat cats, war in Ukraine & COVID-19 hit profitability

28th July 2022

French reinsurer SCOR has reported a net loss of €239 million for the first half of 2022, driven by claims related to the drought in Brazil, flooding in Australia and other weather events, the war in Ukraine, and further losses related to the COVID-19 pandemic. The net loss announced by SCOR ... Read the full article

SCOR to use Concirrus’ Marine Hull Market Model

20th July 2022

Global insurer and reinsurer SCOR has adopted the Marine Hull Market Model from insurtech Concirrus to improve loss ratios within its marine line of business. Concirrus’ Model - delivered via its data and analytics platform, Quest - leverages the insight of multiple data sources for a market-wide perspective on valuing an ... Read the full article

SCOR appoints Augustin Gas as CUO APAC FGM

15th July 2022

Global insurer and reinsurer SCOR has made a key appointment in the Asia Pacific region, appointing long-standing employee and former retrocession specialist Augustin Gas as Chief Underwriting Officer for APAC fast growth markets. Gas highlighted his new role as APAC, FGM Chief Underwriting Officer at SCOR on Linkedin today. In the Asia ... Read the full article

Monkeypox outbreak not a significant event for re/insurers: SCOR

15th July 2022

Global reinsurer SCOR has said it does not expect the recent monkeypox virus outbreak to cause a significant impact for re/insurers. This is due to the fact that monkeypox has relatively low mortality and morbidity rates and the existing protection among certain groups of the population, SCOR noted. People vaccinated against smallpox ... Read the full article

SCOR faces a “just below €200m” loss related to drought in Brazil

13th July 2022

SCOR has reported that the impact on its net technical results from the severe drought on the harvest in the southern part of Brazil “should be just below €200m” for H1 2022. According to the global reinsurer, this is the Group’s best estimate of the full cost of the event. SCOR is ... Read the full article

SCOR “likely to underperform peers in short-term” – Berenberg

6th July 2022

Berenberg is forecasting that, in Q2, SCOR will experience a net loss of €43m, and is likely to continue to underperform peers in the shorter term.  This is driven primarily by inaccurate expert assessment of catastrophe events, as well as the ongoing impact of drought losses in ... Read the full article

MGAM and SCOR to lead Gov-backed scheme for fire assessors

29th June 2022

UK insurer MGAM, an Acrisure partner, and SCOR, in partnership with the Department for Levelling Up, Housing and Communities, will deliver a new Government backed professional indemnity insurance (PII) scheme for EWS1 assessors, according to an announcement. The external wall fire review process forms (EWS1) were developed by the Royal Institution ... Read the full article

SCOR promotes McMurdo to Reinsurance CEO as Blanc announces retirement

14th June 2022

Stuart McMurdo is set to replace Michel Blanc as Chief Executive Officer (CEO) of Reinsurance at SCOR, with the latter set to retire in January 2023 after 31 years of service. The French reinsurer notes that, effective immediately, McMurdo and Blanc will work very closely together to ensure a smooth transition ... Read the full article

Reinsurers to absorb bulk of $2bn+ Ever Given claims, says SCOR

9th June 2022

A majority share of more than $2 billion in claims is the potential sum reinsurers will absorb from the losses caused by the blocking of the Suez Canal because of the lodging of the Ever Given, according to global reinsurer SCOR. Last year, the ultra-large container ship blocked the largest man-made ... Read the full article

Appetite for underwriting property cat reinsurance business tightening

1st June 2022

Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article

SCOR sponsors new catastrophe bond

1st June 2022

SCOR has sponsored a new catastrophe bond called Atlas Capital Reinsurance 2022 DAC. According to the firm, the new bond will provide the group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as ... Read the full article

SCOR announces first underwriting exclusions on oil

18th May 2022

During its recent Annual General Meeting, global reinsurer, SCOR announced its first underwriting exclusions on oil, as the company announced the end of coverage for new oilfield projects by 2023. The French reinsurer did state that it will make exceptions for oil projects of "companies aligned with Net-Zero by 2050". SCOR has ... Read the full article

SCOR backs Amynta Trade Credit Solutions

17th May 2022

Insurance services company, Amynta Group, has partnered with French reinsurer SCOR on the launch of Amynta Trade Credit Solutions, a new platform designed to provide a responsive and focused approach to trade credit insurance in the U.S. The new MGA will be led by Harpreet Mann as President of Amynta Trade ... Read the full article

Fitch turns negative on SCOR

11th May 2022

Fitch Ratings has changed its outlook on SCOR from stable to negative, due to concerns that the reinsurer may not deliver a financial performance in line with its ratings over the next year to two years. At the same time, the rating agency affirmed the insurer financial strength (IFS) and long-term ... Read the full article