12Feb07

Press release

P&C

SCOR records an increase of around 10% in worldwide premium income for Non-Life reinsurance renewed at 1 January 2007

Non-Life Renewals of January 2007.

Significant Factors
 
  • The renewals were fully in keeping with SCOR’s underwriting policy, which is characterised by its discipline and selectiveness
  • In a competitive environment, where terms & conditions were nevertheless kept at satisfactory levels, the renewals took place in accordance with the underwriting plan
  • SCOR benefited from the successive rating upgrades to an “A” level during the second half and has largely recovered its shares of business lost in 2002-2003
  • On renewable business for the three non-life divisions (Treaty, Specialties and Business Solutions), gross written premium volume recorded an increase of around 10% at constant exchange rates compared to 2006
  • SCOR is expanding across practically all of the markets in the Europe zone, particularly in the United Kingdom and Scandinavia. The zone was up by around 7% in the average
  • Group business up for renewal in the Asia zone increased by around 22%
  • The three mainly Treaty-based Specialties (Credit & Surety, Inherent Defects and Agricultural Risks) were up by around 18%

Denis Kessler, SCOR Chairman and Chief Executive Officer, said: “The underlying trends of the property & casualty reinsurance markets have been confirmed: cedant retention levels are continuing to increase, their reinsurance budgets are more restricted and their reinsurance choices are evolving towards non-proportional cover.  The purchase of cover continues to become concentrated and centralised.  In this competitive reinsurance environment, where overall conditions nevertheless remain favourable, SCOR’s performance is all the more remarkable.  It demonstrates the successful completion of two years spent re-conquering its business positions, which have been obtained thanks to the Group’s repositioning as well as the dynamism of its teams.  SCOR has therefore demonstrated the solidity of its client base, which enables it to implement an underwriting policy based on cedant services and technical profitability.

 

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com