Scor Targets 60% Property & Casualty Business Growth
LONDON/FRANKFURT (Reuters) – French reinsurer Scor wants to build its property and casualty (P&C) business back up to 60% of its total business, with life and health at 40%, Chief Executive Laurent Rousseau said at the Reuters Future of Insurance Europe conference on Friday
The split reverses the trend of recent years but higher premium rates in the property sector make it once more attractive, Rousseau said in an interview.
Rousseau assumed the position of CEO earlier this year. The company posted a third-quarter loss after big claims from flooding in Europe and Hurricane Ida in the United States.
Natural catastrophes have brought a lot of volatility to the P&C division, Rousseau said.
“So we intend to be in the non-cat part of the P&C businesses,” he said.
The company is in the process of formulating a new strategic plan that it will announce in the spring.
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(Reporting by Carolyn Cohn and Tom Sims; Editing by Maria Sheahan)
