Scor commits to remain independent after EUR8.3bn Covea bidFrench reinsurance powerhouse Scor has called an unsolicited EUR8.3bn takeover offer from French mutual Covea “incompatible” with its “strategy of independence” as it said any revised public bid would be deemed hostile.
Scor shares leap on Covea takeover approachShares in French reinsurer Scor have leapt this morning following news that French mutual group Covea approached the firm last month with a take-over offer.
Scor to use Lloyd’s and company paper in ‘flexible way’ after overhaulThe deputy CEO of Scor has said that a major overhaul of its London businesses will give the reinsurance giant the ability to use the paper of its Lloyd’s syndicate Channel and its company market paper “in a flexible way”.
Scor posts 91% P&C combined ratio for first half of the yearTop-tier reinsurer Scor has posted a combined ratio of 91.4 percent in its key P&C division in the first half of the year fuelled by lower natural catastrophe losses, modest pricing improvements and new business wins.
Reed retires as Scor restructures London operationsDavid Reed is set to retire as CEO of Scor’s Lloyd’s business amid a reshuffle that will see both Channel Syndicate and the reinsurance giant’s other UK operations brought under one roof.
Scor sponsors $300mn UK cat bondFrench carrier Scor has sponsored a new $300mn catastrophe bond in one of the first transactions under the UK’s new regime aimed at attracting ILS capital to the country.
Munich Re still largest reinsurer as Berkshire leapfrogs into third placeMunich Re remains the industry’s largest reinsurer after writing $35.67bn of reinsurance premiums in 2017 with Swiss Re in second place and a $29.95bn book.
Scor appoints McMurdo as UK insurance boss Scor has appointed Stuart McMurdo as CEO of its UK insurance company, re-Insurance.com can reveal.
Scor restructures large corporate business unit under RousseauScor has restructured its Business Solutions unit, which writes large corporate primary insurance risks and is headed up by Laurent Rousseau, the big four reinsurer announced today.
Scor P&C keeps up US growth as combined ratio improves to 91.8%Scor grew its P&C top line by around 3.9 percent at constant currency rates to EUR1.48bn in the first quarter fuelled by increased US treaty business.
Scor’s Gentsch to depart as Rousseau takes over as deputy CEOScor has revealed that the deputy CEO of its global P&C business Benjamin Gentsch is to depart with Laurent Rousseau set to step in and fill his shoes.
Scor seals 4% renewal premium growth at 1/1Scor managed to grow its premium income by 3.7 percent on a constant currency basis at the January renewals, taking its total top line to EUR3.1bn ($3.8bn).
Reinsurance stocks rally after initial 1.1 fallsReinsurance stocks have begun to rally in recent days after declining in late December and at the beginning of January amidst reports of reinsurers conceding to lower rate improvements at 1.1.
Scor defies HIM storms to eke out small profit for nine monthsScor’s CEO Denis Kessler paid tribute to the reinsurer’s “shock-absorbing capacity” as the Paris-headquartered firm reiterated its Eur598mn pre-tax (Eur430mn post-tax) loss from the 3Q Hurricanes Harvey, Irma and Maria (HIM) and the Mexican earthquakes.
Scor predicts $95bn market cost of recent catsFrench reinsurance group Scor has predicted this morning (9 October) that the market is facing $95bn in losses from the combined losses caused by hurricanes Harvey Irma & Maria and the Mexican earthquakes.
Excess capital unlikely to be drained away by H2 catsDespite great uncertainty over the final loss picture for H2, industry leaders gathering at the Rendez-Vous were sceptical that the industry’s excess capital position will drain completely away unless there are further major loss events.
Excess capital unlikely to be drained away by H2 catsDespite great uncertainty over the final loss picture for H2, industry leaders gathering at the Rendez-Vous were sceptical that the industry’s excess capital position will drain completely away unless there are further major loss events.
Hurricane post mortems will change market – ScorFrench reinsurance powerhouse Scor said regardless of the track or scale of the losses from Hurricane Irma the market will be changed by the lessons learnt.
Interims see positive news for ScorScor chairman and CEO Denis Kessler hailed the firm’s performance as it posted a 10% growth in gross written premiums for the second quarter of the year.