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.

Profit falls at Munich Re

Mar 13, 2012

GERMANY-based reinsurer and insurer Munich Re has reported a consolidated result of €712m ($937m) for 2011, down from €2.43bn in 2010 and its poorest performance for at least five years. Gross premiums written rose to €49.6bn from €45.5bn.

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.

Hannover Re targets €600m-plus profit for 2012

Mar 14, 2012

Reinsurer Hannover Re expects another profit clearly above €600m ($781.49m) for 2012, although chief executive, Ulrich Wallin, avoided mentioning a concrete figure.