November 19, 2001 by Canadian Underwriter
Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the same period last year.
All of this helps to offset the company’s losses from the September 11 terrorist attacks, which are estimated at Cdn$238-317 million (US$150-200 million). The company notes that the acquisition of Sorema in July of this year resulted in a shareholder equity increase of Cdn$480 million. This increase “will enable Scor to maintain its underwriting capacity for the year 2002 and to take full advantage of sharply improved market conditions”, the company reports.
The premium income increase was seen across all lines, with a Cdn$1.904 billion income for property & casualty reinsurance, and Cdn$1.389 billion for specialty reinsurance. Life, accident and health reinsurance account for the remaining premium income.
“The improvement in rating conditions, already observed in the first half of 2001 and confirmed on the third quarter, gathered pace in all classes and markets,” the company notes.