Free press releases distribution network?

Agency / Source: SCOR SE

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



SCOR Global P&C Delivers Strong January Renewals with 5% Premium Growth and Stable Expected Net Technical Profitability - Having booked 8% gross written premium growth (at constant exchange rates) for the full year 2013, to EUR 4.85bn[1], SCOR Global P&C manages to grow gross premiums by 5% during the January 2014 renewals, to EUR 3.4 billion - SCOR.com
SCOR Global P&C Delivers Strong January Renewals with 5% Premium Growth and Stable Expected Net Technical Profitability

 

PRZOOM - /newswire/ - Paris, Ile de France, France, 2014/02/05 - Having booked 8% gross written premium growth (at constant exchange rates) for the full year 2013, to EUR 4.85bn[1], SCOR Global P&C manages to grow gross premiums by 5% during the January 2014 renewals, to EUR 3.4 billion - SCOR.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Insurance/Risk Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

This continued footprint expansion of SCOR Global P&C has been achieved while maintaining expected net technical profitability stable overall, thanks to its highly diversified portfolio, as shown in the following key performance indicators:

• Quasi-stable prices, at -0.2% on average, with variations in primary insurance prices largely compensating those of reinsurance prices;
• A stable expected return on risk-adjusted allocated capital;
• Better than expected conditions on the retrocession market, generating savings representing a 0.6% positive impact on the combined ratio with a slightly improved cat coverage. This nearly neutralises an expected increase in the gross underwriting ratio of 0.9%;
• The projected net combined ratio of the contracts written in the January 2014 renewals is expected to remain flat compared to the January 2013 renewals.

As anticipated and communicated during the 2013 annual Monte-Carlo conference, the January 2014 renewals have been characterized by a challenging market environment with:

• A number of large and even mid-size insurers reconsidering their protection strategies and reinsurance buying policies, and restructuring their reinsurance programmes;
• The reinsurance market witnessing a “tiering” of players, to the benefit of the larger and most diversified ones, operating as true multi-liners in terms of pricing and underwriting capabilities, with a global approach to client relationships.

In this context, SCOR Global P&C has been successful in expanding its franchise and crystalizing new business opportunities, while keeping a disciplined underwriting approach, pushing back unsatisfactory terms & conditions and accepting the non-renewal of under-priced business.

The premiums up for renewal at 1/1 represent 71% of the total annual volume of treaty premiums and are distributed between P&C Treaties (72%) and Specialty Treaties (28%).

The main business line developments at the January 2014 renewals are as follows:

• For P&C Treaties: gross premiums increase by 6% at constant exchange rates, to EUR 1.927 billion, of which 4 percentage points relate to the renewal of the large quota share deals in Asia.
SCOR Global P&C continues to diversify its portfolio towards Asia (32% growth), this region now representing 19% of the P&C Treaty portfolio.
In all regions, the growth is accompanied by active portfolio management and a successful handling of clients’ programme restructurings. The global insurers initiative is bearing fruit, with SCOR achieving growth from this client base despite these clients restructuring and increasing their retentions.

• For Specialty Treaties: gross premiums increase by 4% at constant exchange rates, to EUR 724 million, of which 2 percentage points relate to the renewal of the large quota-share deals in Asia.
Some segments have benefited from relatively better market conditions, leading to a 6% premium increase in Marine & Energy and a 4% increase in Engineering. The US cat segment represents only 2% of the overall P&C book to be renewed, and has witnessed 6% growth thanks to increased shares with large national, multi-national and global insurers, more than compensating the reductions on the regional book where pricing and general conditions have often been viewed as unsatisfactory.

Victor Peignet, CEO of SCOR Global P&C, comments: “Having anticipated the market changes, SCOR Global P&C has proven to be a leading reinsurance player in the market, positioned among the preferred partners for insurers. This is particularly true concerning our targeted clients with whom we have largely managed to increase our shares, taking advantage of their programme restructurings. The January 2014 renewals confirm our analysis of the ongoing “bifurcation” of the reinsurance market and reinforce our conviction that SCOR Global P&C is set to be among the beneficiaries of this “tiering” of the industry. In this context, size and diversification combined with the capabilities to cover all lines and offer global approaches to cedants are key competitive advantages. We are confident in our ability to further strengthen our market position, including through our complementary business platforms SCOR Business Solutions and the Channel 2015 Lloyd’s syndicate, which are in line with our strategic plan”.

The full presentation on the SCOR Global P&C January renewals results is available on SCOR’s website.

[1] Unaudited and at constant exchange rates used for accounting year reporting (i.e. for 2013 growth rate, at the average rate for 2012). Growth at current exchange rates is 4%.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Insurance/Risk Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: SCOR SE

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Insurance/Risk Management articles,
CATCH Visitors via Your Competitors Announcements!


SCOR Global P&C Delivers Strong January Renewals with 5% Premium Growth and Stable Expected Net Technical Profitability

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
SCOR SE |
Contact: Press Office - SCOR.com 
+33(0)1 58 44 70 00 press[.]scor.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any SCOR SE securities in any jurisdiction including any other companies listed or named in this release.

Insurance/Risk Management via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From SCOR SE / Company Profile


Read Insurance/Risk Management Most Recent Related Press Releases:

SCOR Named 'Life Reinsurer of the Year 2016' by Asia Insurance Review
SCOR is Named 'North American Life Reinsurer of the Year 2016' by Reactions Magazine
Wunelli Evolves Driver Signature to Take Telematics Apps to Next Stage of Growth
LexisNexis Risk Solutions to Provide Mobile Telematics for Nationwide’s SmartRide Program
LexisNexis Risk Solutions Elevates Insurance Customer Experience with New Active Risk Management Solution
LexisNexis Risk Solutions Launches First Contextual Telematics Insurance Model in U.S.
Resolver’s Perspective™ Incident Management Software Now Fully Integrated with Software House C•CURE 9000 Security and Event Management Solution
PPM 2000 Joins Forces with Resolver
LexisNexis Launches LexisNexis Intelligence Exchange in India for Life Insurers
LexisNexis Risk Solutions Announces New Relationship with Ellie Mae

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  BizJobs.com

Visit  JobsWare.com

Visit  Triggr & Bloom







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today