Scor

Scor brings in Guest to lead crisis management at Lloyd’s

Scor has appointed David Guest as head of crisis management, The Insurer can reveal.

Moody’s goes negative on Scor, citing weak profitability

Scor has seen Moody’s change the outlook on its Aa3 financial strength rating to negative from stable in response to weak profitability, meaning all four major rating agencies now have negative outlooks on the French reinsurer.

AM Best goes negative on Scor’s A+ rating after elevated losses

AM Best has revised the outlook to negative on Scor’s A+ (Superior) financial strength and “aa-” (Superior) long-term issuer credit ratings, with the rating agency citing the French reinsurer’s recent elevated life and non-life losses.

Europe’s big four facing $1.5bn-$2.7bn property losses from Hurricane Ian: Berenberg

Europe’s big four reinsurers will incur property cat reinsurance losses of between $1.5bn and $2.7bn based on Hurricane Ian being a $25bn to $35bn insured loss event, according to preliminary estimates by Berenberg.

UK govt-backed PI scheme officially launches

The UK government-backed professional indemnity (PI) scheme for assessors of fire risk in mid- and high-rise residential buildings is now available, with French (re)insurance powerhouse Scor underwriting the scheme.

Scor appoints former MS Amlin executive Beazley as UK and Lloyd’s CEO

Scor has unveiled Chris Beazley as CEO of its UK operations and Lloyd’s syndicate, subject to regulatory approval.

Scor: “Reinsurance has never been more important”

The reinsurance market is at an “inflection point”, leaving it incumbent on reinsurers to spearhead change for the benefit of all stakeholders, Scor CEO Laurent Rousseau told delegates at this year’s Rendez-Vous.

Scor underperforms big four peers in choppy August

Shares in global reinsurer Scor shed almost 4 percent over August, underperforming its big four peers which all posted notable gains, as investors continued to look unfavourably on its second quarter earnings miss and its stock was dragged down by a wider market rout.

Scor combines P&C and L&H Ventures teams into single practice

Global reinsurer Scor is set to combine the mandates of its P&C Ventures and L&H Ventures teams into a single Scor Ventures practice.

Scor downgrade a “realistic possibility” by mid-2023

French reinsurer Scor likely has until mid-2023 to “demonstrate a meaningful turnaround” or face downgrades to its financial strength ratings and outlook, Jefferies has said.

Scor closes down 19% amid higher than expected cat losses

Scor’s share price was down ~19 percent in trading after the reinsurer reported a large miss against consensus for the second quarter of 2022 which analysts have warned will make it unlikely it will achieve its full year P&C combined ratio target of 95 percent or below.

Scor selects Concirrus for marine market modelling solution

Scor has partnered with insurtech Concirrus to streamline data modelling and improve loss ratios within the reinsurer’s marine line of business.

Scor places its Brazil drought loss at “just below €200mn”

Scor has reported the impact on its net technical results from the severe drought on the harvest in the southern part of Brazil “should be just below €200mn” ($201mn) for the half year of 2022, and that this is the French reinsurer’s best estimate of the full cost of the event.

Scor to underwrite new UK govt-backed PI scheme for fire risk assessors

Scor is providing insurance cover for a new UK government-backed professional indemnity (PI) scheme for assessors of fire risk within external wall systems.

Scor promotes McMurdo to reinsurance CEO as Blanc set for retirement

Paris-headquartered Scor has named Stuart McMurdo as CEO of reinsurance, with the current CEO of its Lloyd’s and UK platform set to take on the new role in January 2023 following the retirement of the long-serving Michel Blanc.

Scor confirms $240mn Atlas Capital cat bond

Paris-headquartered Scor has successfully sponsored a new catastrophe bond – Atlas Capital Reinsurance 2022 DAC – which will provide the carrier with multi-year risk transfer capacity of $240mn.

Russia-Ukraine uncertainty hangs over European reinsurance outlook

One of the key takeaways from Q1 earnings announcements was that provisional estimates for insured losses from the Russia-Ukraine conflict were lower than expected, exemplified by Swiss Re commentary that suggested the market loss would be at the bottom end of its previous $10bn to $20bn range.

Scor secures $240mn of retro cover with latest Atlas cat bond

Paris-headquartered reinsurer Scor has secured $240mn of multi-peril retro cover from capital markets for its latest Atlas Capital Re catastrophe bond.

Scor lifts Atlas Re cat bond target to up to ~$250mn as raises price guidance

Global reinsurer Scor has increased both the target size of its latest Atlas Capital Re catastrophe bond and also the return guidance as the specialist ILS sector continues to experience risk pricing at a near-term high.

Scor returns to Dublin for imminent $150mn+ retro cat bond issue

Scor has established a new Ireland-domiciled company – Atlas Capital Reinsurance 2022 DAC – ahead of returning to the capital markets to bolster its retro covers, The Insurer understands.

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