Scor profit holds up well

Mar 08, 2012 by Adrian Hönig in  Baden-Baden Meeting

FRENCH reinsurer Scor has reported net income of €330m ($434m) for 2011, down from €418m in 2010, on gross written premiums of €7.60bn, up from €6.68bn the previous year. Non-life GWP grew 8.8% year on year to €3.98bn, while life GWP was up 19.3% year on year to €3.62bn. The life growth was helped by the acquisition of Transamerica Re’s mortality business, which contributed €677m.

The combined ratio rose to 104.5% from 98.7%, while investment income declined to €624m from €690m. Natural catastrophes added 18.5pp to the combined ratio. The pre-tax cost of the Thailand floods was put at €138m. There was a €70m reserve release, with aviation, credit & surety and facultative casualty in particular showing strong positive development.

The return on equity for the year was 7.7%, down from 10.2% in 2010. The dividend was maintained at €1.10 a share.

Omega shareholders vote strongly in favour of Canopius offer

Jun 07, 2012

Omega shareholders have voted overwhelmingly in favour of Canopius’ £163.6m takeover deal paving the way for a speedy completion of the long-running saga.

Technology ‘improves London’s role at heart of insurance world’ – Willis Global boss Hearn

May 18, 2012

Improved technology and greater global connectivity has strengthened rather than diminished London’s position at the heart of the worldwide insurance industry, according to Steve Hearn, chairman and chief executive of Willis Global.

Driscoll confirmed as Validus Re ceo

May 23, 2012

Validus Re has formally named Kean Driscoll as the replacement for outgoing chief executive Conan Ward, a move which has acted as a catalyst for a series of promotions within the Bermudian reinsurance operation.