France’s SCOR Group has turned in a good first half performance, even before absorbing Swiss reinsurer Converium AG. The reinsurer announced that gross written premiums for the first half of 2007 rose to €2.124 billion ($2.86 billion), a 55 percent increase, compared to the same period in 2006.
SCOR’s bulletin added that “at constant exchange rates, the increase would have been 59 percent to €2.18 billion [$2.94 billion]“
P/C turnover rose by 12 percent to €943 ($1.272 billion); while life reinsurance increased by 124 percent to €1.181 billion ($1.593 billion). “This increase is explained by two factors,” said the bulletin. 1) “The increase in the base due to the acquisition of Revios (+117 percent) and endogenous growth (+7 percent); and 2) Non Life Treaty renewals at 1 July 2007, which represent approximately 5 percent of annual turnover, were up 19 percent, mainly in Asia (up 69 percent), the Middle East (up 30 percent) and the United States (up 19 percent).”
The results were so encouraging that A.M. Best announced it has affirmed SCOR’s ratings and upgraded Converium’s (See following article).
Source: SCOR Group – www.scor.com
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