SCOR Increases P&C GWP Levels by 4.7% During April Renewals; Profits on Target

SCOR Global P&C increased gross written premiums by 4.7 percent at the recent April renewals, based on constant exchange rates, with total premiums rising from €420 million ($474.7 million) to €440 million ($497.3 million).

Premiums renewing on or around April 1 represent 10 percent of the annual total renewable premiums, with the main renewing markets being Japan, India and the U.S.

In Japan, renewal premiums increased by 7 percent, including the effect of normalized business relationships with the major Japanese insurance groups, highlighting the depth of SCOR’s 40-plus year franchise in Japan, said SCOR in a statement.

Pricing at the April renewals was nearly flat overall for SCOR, despite the pressure recorded on non-proportional accounts, the company said, noting that the expected profitability of the business booked is in line with the group’s target.

P&C treaty gross premiums rose by 2 percent to €317 million ($358.3 million) at constant exchange rates, the company said, with U.S. premiums up by approximately 13 percent.

The U.S. “client-focused initiative,” combined with the high quality of SCOR’s balance sheet and strong ratings, continues to provide good opportunities for the development of business relationships with both existing and new clients, the company said.

Specialty treaty gross premiums rose by 13 percent to €123 million ($139 million) at constant exchange rates, SCOR continued, noting that it seized opportunities in agriculture, aviation & US natural catastrophe business during the April renewals.

Victor Peignet, CEO of SCOR Global P&C, commented: “The results of the April renewals are further evidence of the strength of SCOR Global P&C’s strategy and business execution. Market conditions remain difficult, but SCOR Global P&C continues to win business from both existing and new clients.”

Source: SCOR Global P&C

Topics USA Profit Loss Property Casualty Japan