Source: GlobeNewswire (MIL-OSI)
Press release
4 February 2025 – N° 02
January 2025 P&C Reinsurance Renewals Results
Sustained growth in preferred lines coupled with attractive margins
- In line with its Forward 2026 strategic plan, SCOR continues to grow its P&C preferred lines while maintaining a strong underwriting discipline.
- During the January 2025 P&C renewals, SCOR achieves EGPI1 growth of 9.6%2 supported by Specialty lines and Alternative Solutions:
- Increasing EGPI by 8.1%2 for Engineering, Marine, IDI and International Casualty;
- Leveraging the strong momentum in Alternative Solutions and growing EGPI by 29.6%2;
- Maintaining a prudent approach to business exposed to climate change and US Casualty.
- SCOR’s expected technical profitability remains unchanged at attractive level benefitting from dynamic retrocession buying.
Jean-Paul Conoscente, CEO for P&C at SCOR, comments: “We are satisfied with the successful 1.1 2025 renewals results. SCOR achieves a +9.6% EGPI growth while maintaining a stable technical profitability. We continue to deliver targeted growth in our preferred lines of business, while keeping T&Cs mostly unchanged. Despite the slight rate reduction observed in the market, SCOR successfully maintains stable pricing thanks to its proactive portfolio management. Looking ahead, we believe the market still offers opportunities for profitable growth. SCOR will continue to leverage on its Tier 1 franchise and build on the strong momentum achieved during the 1.1 renewals.”
January 2025 P&C Reinsurance Renewals
During the January 2025 renewals, demand for reinsurance coverage remains elevated. Following an increase in capital supply, the market conditions have become slightly more competitive compared to the peak level of the cycle observed last year. In this context, SCOR maintains strict underwriting discipline and successfully grows its preferred lines according to its Forward 2026 growth strategy, keeping T&Cs mostly stable and maintaining the net profitability of its P&C Reinsurance book unchanged.
P&C Reinsurance book renewed at 1 January 2025(1):
| |
Premiums renewed
(in EUR million) |
Evolution vs. January 2024 |
Main lines concerned |
| P&C Lines(2) |
2,798 |
+2.9% |
o/w Nat Cat (+0.3%) |
| Specialty Lines(3) |
1,762 |
+14.3% |
o/w Engineering, Marine, IDI (+17.2%) |
| Alternative Solutions |
705 |
+29.6% |
|
| TOTAL |
5,265 |
+9.6% |
|
(1). Approximately 64% of SCOR’s P&C Reinsurance premiums – representing c.50% of SCOR’s total P&C premiums – is renewed in January.
(2). P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).
(3). Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.
P&C Lines EGPI grows by 2.9%2, driven by continued disciplined Nat Cat underwriting and decreasing exposures in US Casualty. Natural Catastrophe premiums remain flat with a slight increase in net exposure. In US Casualty, SCOR maintains a prudent approach and renews its portfolio with selected clients. This leads to a 11.0%2 decrease in US Casualty EGPI and continued exposure reduction to this business.
Specialty Lines EGPI grows by 14.3%2. This is driven by +17.2%2 EGPI growth in diversifying lines (Engineering, Marine and IDI) in line with the Forward 2026 plan.
Alternative Solutions EGPI grows by 29.6% compared to 1st January last year, with continued positive new business momentum across all regions.
The expected net technical profitability remains unchanged for the renewed portfolio. This reflects continued discipline along with dynamic retrocession buying, which offsets the inward business margin erosion from commissions, modelling changes and the impact of the business mix.
SCOR leverages the changing market environment to optimize its retrocession structures. SCOR maintains its risk exposure within its risk appetite defined in Forward 2026.
For the upcoming renewals in 2025, SCOR expects continued discipline and adequate prices. In parallel, SCOR continues to develop risk partnerships with new and existing partners.
*
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| SCOR, a leading global reinsurer
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
The Group generated premiums of EUR 19.4 billion in 2023 and serves clients in more than 160 countries from its 35 offices worldwide.
For more information, visit: www.scor.com
|
Media Relations
Alexandre Garcia
media@scor.com
Investor Relations
Thomas Fossard
InvestorRelations@scor.com
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Financial information
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1 Estimated Gross Premium Income (EGPI).
2 vs 1 January 2024 EGPI.
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