SCOR’S P&C BUSINESS IS ORGANIZED INTO P&C REINSURANCE AND SCOR BUSINESS SOLUTIONS. CAN YOU EXPLAIN THE DIFFERENCE BETWEEN THESE AREAS OF THE BUSINESS AND WHY IT IS ADVANTAGEOUS FOR SCOR TO HAVE EXPERTS IN BOTH AREAS? J-P.C. P&C Reinsurance is the majority business of SCOR P&C, where SCOR has been wellestablished as a leader for a long time. The reinsurance business is mostly made of reinsurance treaties, which cover a portion of the business of an insurer, based on a location, a type of business, and pre-agreed conditions. S COR Business Solutions is a direct insurer and a reinsurer of facultative risks, where risks are individually insured and are mostly large commercial risks. SCOR Business Solutions is particularly strong in fields that require a deep expertise, for example in Construction, Energy, or Marine. The team is keen on continuing and building leadership throughout the energy transition. F rom a portfolio management perspective, P&C Reinsurance and SCOR Business Solutions have complementary client bases and allow SCOR P&C to be partly decoupled from market cycles. This also gives us the opportunity to dynamically allocate resources, including capital, based on the evolving conditions. Ultimately, having both businesses balances the risk-return of the portfolio. H aving experts in both areas is another key strength of SCOR P&C. SCOR Business Solutions, as primary insurer, brings SCOR closer to the original risks, allowing a deeper understanding, while reinsurance treaty underwriters have a wider view of the market due to the variety of risks included in the treaties. We have a number of centers of excellence within SCOR P&C that bring these experts together so they can mutualize their knowledge, expand their understanding, and apply this expertise to provide the best solutions for our clients. For example, that is how the Cyber and the Casualty teams work, as well as our Alternative Solutions team, which develops and underwrites covers for both Reinsurance and SCOR Business Solutions clients. HOW DOES SCOR ENSURE THAT ITS TAILOR-MADE SOLUTIONS EFFECTIVELY ADDRESS THE UNIQUE NEEDS OF CLIENTS IN THE EVER-EVOLVING P&C REINSURANCE MARKET? J-P.C. Indeed, the P&C insurance market is evolving alongside the environment. Climate change brings elevated losses to a “new normal” level. Societies continue to digitalize, a trend only compounded by AI. Then, there is the energy transition, the unstable geopolitical landscape, and a regulatory environment that keeps increasing in complexity. T hese trends impact each of our clients differently, leading them to have more and more unique and individualized needs. At SCOR, we pride ourselves on being a long-term partner to our clients, so it is critical that we are able to respond effectively. O ur Alternative Solutions (AS) team offers a great example of how we meet clients’ needs with customized solutions. In 2024, the AS business almost doubled – well exceeding the targets outlined in the Forward 2026 strategic plan – and grew another 30% during the January 2025 renewals, demonstrating continued interest in these bespoke solutions (page 64). HOW DO PARTNERSHIPS ENHANCES SCOR’S ABILITY TO DELIVER SOLUTIONS TO CLIENTS? J-P.C. Strategic partnerships with insurers, brokers, and stakeholders beyond the world of insurance – such as data and technology companies – are at the core of SCOR’s strategy to develop and deliver advanced solutions. W hether combining SCOR’s (re)insurance experience and expertise with a partner’s new technology to develop innovative solutions or leveraging their specialized expertise to refine existing solutions, these partnerships allow us to maximize our impact while maintaining agility and responsiveness in a rapidly changing market. I dentifying the right partners is a strategic process that involves thorough research and evaluation. SCOR seeks partners who bring the best knowledge, technology, and expertise to the table, ensuring that our collaborations are mutually beneficial and aligned with our and our clients’ goals. Once a partnership is established, SCOR is committed to evolving and growing with our partners. 62 ACTIVITY REPORT 2024
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