SCOR optimistic for Monte-Carlo

At this year’s „Rendez-Vous de Septembre in Monte-Carlo“, the international convention of insurers, reinsurers, brokers and reinsurance consultants in Monte-Carlo that this year takes place for the 53rd time, SCOR sees itself in a strong position to leverage its fully operational status towards the 2010 renewals season.

At the media briefing that took place on Sunday, 6 September 2009, the SCOR management presented the company’s perspectives on the reinsurance sector going forward. In particular, Denis Kessler, CEO and Chairman of the SCOR Group, and Victor Peignet, CEO of SCOR Global P&C, presented their analysis of how the market evolved over the last twelve months, what SCOR achieved during this period and what direction the market should take in the future.

At the international media briefing, Denis Kessler confirmed statements made earlier that generally the reinsurance market should confirm its positive trend, which began a year ago and which was confirmed during the last three renewals on 1st January, 1st April and 1st July. Several factors explain this trend: retrocession capacities are limited, there are fewer newcomers on the reinsurance market, the capital markets are only half open, reinsurers are remaining very cautious, following a technical and rigorous underwriting policy and finally direct insurers are relying on reinsurance to strengthen their solvency which has been eroded by the financial crisis. For these reasons SCOR believes that the demand for reinsurance will remain solid.

Each year the world's top reinsurers and their clients gather for renewal discussions at “Les Rendez-Vous de Septembre in Monte Carlo". The conference that attracts some 2,500 participants from 80 countries representing brokers, insurers, reinsurers, lawyers, financial advisers, merchant bankers, consultants and rating agencies gathered to take stock of the forthcoming renewal season based on experiences in the US and European markets.

Click here for SCOR media briefing material