Scor plans expansion in marine 

French reinsurer Scor feels that its reinsurance portfolio is currently underweight in marine in the Americas, and said that it planned to seize new business opportunities in the segment, which was one of several attractive Treaty lines.

Jean-Paul Conoscente, CEO Scor P&C, said at the company’s Rendez-vous presentation on Sunday September 10th that marine, which makes up 6% of the company’s P&C reinsurance business and, with offshore, 6% of P& C Specialty Insurance.

Marine & Energy was seen as the second-most attractive pricing level, with one of the best current trends. The sector was rated as on the borderline between “attractive and very attractive”.

Scor said that it anticipated next January 1st’s renewals to see a continuation of price increases, although not at the same rate as was achieved a year ago. The company would be reducing its underwriting in SRCC (mainly civil unrest) because it sees the threat of this increasing in terms of absolute numbers and accumulation risk. It also indicated a lower enthusiasm for subsidence, which it sees as a greater threat amid periods of greater drought, interspersed with periods of heavy precipitation.

Another change the Scor was looking for at a time of higher inflation was an indexing of attachments, although it was accepted that this would be part of ongoing negotiations leading up to renewals.