The premiums up for renewal represented about 10% of the total annual volume of treaty premiums
French reinsurer SCOR has recorded premium growth of 6% at constant exchange rates with regard to the €386m ($504m) of premiums up for renewal at 1 April.
The premiums up for renewal represent about 10% of the total annual volume of treaty premiums, and are distributed between P&C treaties (72%) and specialty treaties (28%), in the three geographical areas: Asia (69%), Americas (23%) and EMEA (8%).
The renewals were distinguished by a global improvement in technical profitability, with a technical ratio up by more than two percentage points and an improved return on allocated capital of around one point compared to the April 2012 renewals.
SCOR’s P&C treaty premiums were up by more than 6% to €295m, linked to renewals in Asia (+6%) and the Americas (+10%). The decrease in EMEA premiums (-4%) has a modest impact owing to the low amount of premiums up for renewal in April.
In Asia, growth is well distributed between the three major markets in Japan, India and South Korea, which represent about half of the treaty premiums renewed in April 2013. SCOR has maintained its positions on the Japanese market, which represents a major share of the April renewals (30% of premiums).
Within SCOR’s specialty treaty the US cat branch benefited from strong premium growth (+28%).
“SCOR continued with its underwriting policy combining growth and profitability, centred on trust-based, local relationships with its clients,” said SCOR Global P&C (SGPC) chief executive Victor Peignet. “Regular contact with clients throughout the year enables SGPC to understand market developments and the situations of cedants, and thus to approach the renewals in a spirit of partnership. In the current reinsurance market environment, the dynamism of the business franchise and the continuity of relations with cedants over the long term are key differentiators.”