SCOR’s GWP up 8% in 2013; 5% for January 1 Renewals

France’s SCOR organization confirmed that the reinsurer “booked eight percent gross written top class increase (at constant exchange quotes) for the overall yr 2013, to €4.85 billion [$6.58 billion]. SCOR international percent also published a five percentage growth in gross premiums during the January 2014 renewals, to €3.four billion [$4.613 billion].

SCOR’s bulletin stated: “As expected and communicated in the course of the 2013 annual Monte-Carlo convention, the January 2014 renewals had been characterized via a hard marketplace surroundings with:

• some of big or even mid-size insurers reconsidering their protection techniques and reinsurance shopping for regulations, and restructuring their reinsurance applications;

• The reinsurance marketplace witnessing a ‘tiering’ of gamers, to the gain of the bigger and maximum various ones, working as authentic multi-liners in terms of pricing and underwriting skills, with a global method to patron relationships.

“on this context, SCOR worldwide p.c has been successful in expanding its franchise and crystalizing new business possibilities, at the same time as maintaining a disciplined underwriting method, pushing again unsatisfactory terms & situations and accepting the non-renewal of underneath-priced business.

“The premiums up for renewal at 1/1 constitute 71 percentage of the total annual quantity of treaty charges and are distributed among percent Treaties (72 percent) and distinctiveness Treaties (28 percent).”

SCOR also said the “predominant enterprise line tendencies on the January 2014 renewals are as follows:

• For % Treaties: gross charges increase by means of 6 percentage at consistent alternate costs, to

€1.927 billion [$2.614 billion], of which 4 percent factors relate to the renewal of the big quota proportion offers in Asia.

SCOR international p.c maintains to diversify its portfolio in the direction of Asia (32 percent increase), this place now representing 19 percent of the percent Treaty portfolio.

• For strong point Treaties: gross charges boom by means of 4 percentage at regular exchange prices, to € 724 million [$982 million], of which 2 percent factors relate to the renewal of the massive quota-percentage offers in Asia.

“a few segments have benefited from extraordinarily better market situations, leading to a 6 percent top rate growth in Marine & electricity and a 4 percentage boom in Engineering. the united states cat phase represents only 2 percent of the general percent e book to be renewed, and has witnessed 6 percent growth way to increased shares with massive countrywide, multi-countrywide and international insurers, extra than compensating the discounts at the local e-book wherein pricing and trendy conditions have frequently been viewed as unsatisfactory.”

Victor Peignet, CEO of SCOR international percent, commented: “Having expected the market modifications, SCOR worldwide % has proven to be a main reinsurance player in the market, positioned a number of the preferred companions for insurers. that is in particular proper concerning our centered clients with whom we've in large part managed to boom our stocks, taking benefit of their program restructurings.

“The January 2014 renewals confirm our analysis of the continuing “bifurcation” of the reinsurance marketplace and make stronger our conviction that SCOR international p.c is set to be a few of the beneficiaries of this “tiering” of the enterprise. in this context, length and diversification combined with the talents to cowl all strains and offer global methods to cedants are key competitive advantages. we are assured in our capability to further make stronger our market function, along with through our complementary enterprise structures SCOR business answers and the Channel 2015 Lloyd’s syndicate, that are in line with our strategic plan.”