Canadian Underwriter

SCOR back in brokers’ good books

December 12, 2003   by Canadian Underwriter

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French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative outlook from rating agencies which led many brokers to question their position relative to the reinsurance giant.
However, with SCOR’s announcement of the EUR 750 million capital-raising initiative, some raters have changed their tunes. Specifically, Standard & Poor’s raised the reinsurer’s rating, which SCOR cites as a key reason for brokers to put the company back in their good books. While Willis had maintained SCOR on its security list throughout, now Aon, Benfield Group, Guy Carpenter and Marsh have put SCOR back on their security lists. “SOCR is pleased with these decisions, which improve the outlook for the renewal of treaties and contracts expiring at the end of the year,” the company says.

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