SCOR’s P/C, Credit and Surety Treaty Renewal Premiums Up 25%

January 16, 2006

France’s SCOR Group announced that “premium income linked to Non-Life and Credit & Surety treaties up for renewal on 1 January 2006 is up by around 25 percent.”

The bulletin added, “these renewals on 1 January 2006 relate to around 80 percent of the worldwide Non-Life and Credit & Surety reinsurance treaties. European treaties and Credit & Surety contracts are almost entirely renewing on 1 January.”

The announcement, made at a Board of Director’s meeting, held Jan. 11, also indicated that “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 percent 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 percent in France, Germany, Canada, the Middle East and Asia (excluding Japan) as well as in Credit & Surety, and by over 40 percent in the United Kingdom and in Spain and Portugal.

“In Life reinsurance, premium volume has increased by 5 percent for business up for renewal on 1 January 2006, representing around 50 percent of the SCOR’s portfolio in Life reinsurance. The Board confirmed its firm intention “to develop the Life reinsurance business, which constitutes one of the Group’s two centers of excellence.” The Board then named Chairman, Denis Kessler to head overall management of SCOR Vie, its life reinsurance operation.

Kessler’s appointment follows that of Gilles Thivant, who was named last week to head SCOR Vie’s French operations, following his resignation of Alain Chevreau.

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