French reinsurer SCOR announced first half results which were somewhat lower than anticipated. Net earnings dropped from 1999’s €70 million ($62.3 million) to €36 million ($32 million) for the period.
“The first half of the year 2000 has proven to be even more difficult for the [reinsurance] industry than anticipated, as well as for SCOR,” Jacques Blondeau, SCOR’s president, told the French financial newspaper Les Echos.
Blondeau didn’t see much chance for improvement before 2001, but noted that SCOR’s gross premiums had increased 6.7 percent during the 1st half to €1.54 billion ($1.37 billion), and there were signs that rates were firming generally.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
AIG Joins Private Equity Firm Onex to Acquire Re/Insurer Convex Group 
Catastrophe Bond Investors Told to Brace for Jamaica Payout 
AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry 
