Scor: stock dips after contract renewals
(CercleFinance.com) - Scor's share fell slightly in Paris on Tuesday, after it reported contract renewals in its property and casualty reinsurance business.
The group says that its "P&C" business recorded a 12% drop in premiums to 3.65 billion euros when its reinsurance portfolio was renewed in January.
However, Scor points out its aim of significantly improving the expected technical profitability and the risk/return profile of its property and casualty risk portfolio.
Scor says that these actions should result in an improvement in the expected net underwriting ratio of around 2.5 to 3 points, thanks to an overall rate increase of 9% across the portfolio.
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