The SCOR Board of Directors’ meeting of 11 January 2006, chaired by Denis Kessler, examined the results of the Group’s renewal campaign.
Premium income linked to Non-Life and Credit & Surety treaties up for renewal on 1 January 2006 is up by around 25%.
These renewals on 1 January 2006 relate to around 80% of the worldwide Non-Life and Credit & Surety reinsurance treaties. European treaties and Credit & Surety contracts are almost entirely renewing on 1 January.
In a competitive environment, SCOR has improved its positioning, with satisfactory pricing conditions on all the markets (excluding the United States) on which the Group operates. The Group has won or regained 15% of new clients and many lead underwriting positions. The increase in premium income is in line with the Group’s underwriting plan and its strategic orientations, as presented in the Moving Forward plan: by over 20% in France, Germany, Canada, the Middle East and Asia (excluding Japan) as well as in Credit & Surety, and by over 40% in the United Kingdom and in Spain and Portugal.
In Life reinsurance, premium volume has increased by 5% for business up for renewal on 1 January 2006, representing around 50% of the SCOR’s portfolio in Life reinsurance.
The Group will be publishing a full summary of the 1 January 2006 renewals on 28 February 2006.
The Board of Directors confirmed its firm intention to develop the Life reinsurance business, which constitutes one of the Group’s two centres of excellence.
Following the proposal of the Compensation and Nominations Committee, the Board of Directors unanimously agreed to confer the management of the SCOR Vie subsidiary to its Chairman, Denis Kessler.