In a favorable market, SCOR grows its portfolio by 13.6% on 1/1 reinsurance renewals

In a favorable market, SCOR grows its portfolio by 13.6% on 1/1 reinsurance renewals

In a favorable market, SCOR grows its portfolio by 13.6% on 1/1 reinsurance renewals

In the January 2024 renewals, the French reinsurer SCOR saw a considerable gain in alternative solutions of 191.5%, while P&C lines had a 0.8% increase from the previous year. Overall, the company's expected total premium revenue climbed by 13.6% to almost €4.2 billion.

The reinsurer notes that although there is a bigger supply of capital than in 2023, the imbalance still exists despite the growing demand for reinsurance protection in 1/1 2024.

January sees the renewal of almost 62% of SCOR's P&C reinsurance premiums, or 41% of the company's overall P&C premiums.

Renewal premiums for alternative solutions reached €550 million as of January 1, 2024, fueled by robust new business in every category. Renewing P&C premiums to around €2.2 billion and increasing global lines by 9.4% to about €1.5 billion helped to support this.

The reinsurer at P&C emphasizes maintaining discipline in lowering risk in US casualties and natural disaster underwriting. Thanks to excellent pricing, SCOR raised net cat premium by 9.9% while keeping an underweight net exposure.

After exercising caution and renewing its portfolio with a few chosen clients throughout the crisis, SCOR was able to lower the risk associated with this business and somewhat decrease its premium revenue.

1/1 Growth in preferred and diversification lines propelled the global lines book's development in 2024; SCOR reported a 13.3% increase in premium revenue for engineering, marine, IDI, and foreign casualties.

Overall, with a 1.5 percentage point increase in the net underwriting ratio on the refreshed portfolio, SCOR has further improved its projected technical profitability.

SCOR had a 3.1% positive price change in renewed business, with a 6.6% price rise on non-proportional business.

The reinsurer also points out that the firm expands on the terms and conditions it improved last year in an ongoing challenging environment.

Retrocession was acquired by SCOR on January 1, 2024, and as of right now, the company claims that it enhances security via expanded coverage and higher capacity at a continuous cost.

Regarding the renewals in April and the middle of 2024, SCOR reports that it has a robust pipeline of alternative solution contracts.With pipelines included in portfolio expansion, risk-adequate pricing are anticipated.

"Scorpor seeks to increase the quality and profitability of its P&C portfolio while maintaining strict pricing and terms and conditions for the 1.1.2024 renewal Continues to do so, after a very strong renewal in 2023 defined by the hardest market experienced in the previous 20 years. As seen by the 13.6% growth in January, we are seizing advantageous prospects in this market," said Jean-Paul Conosante, CEO of P&C at SCOR.

"I anticipate that cedant demand and reinsurers' ongoing discipline will sustain favorable market conditions for the balance of the year." In order to create value and effectively carry out the Forward 2026 strategy, SCOR teams are still navigating the challenging market, he added.