Swiss Re Group Chief Executive Officer, Christian Mumenthaler, said: “There was no respite from large nat cat events and man-made disasters in 2018. Our financial strength enabled us to support our clients in these tough times. It was the second challenging year in a row for the industry and us. Our P&C businesses were heavily impacted by the events. Corporate Solutions’ results were disappointing. But even in challenging conditions, I am optimistic about Swiss Re’s future. In the January renewals of our P&C Re business, we were able to grow while keeping our running costs flat. We expect further price improvements in the renewals later this year, especially in the loss-affected markets.”

SCOR’s group has posted a net income is EUR 322 million for 2018, despite the cost of the nat cat events that occurred in Q3 and Q4. 

AM Best believes that investors will continue to invest in third-party capital and that the alignment between third-party and traditional capital will endure, guaranteeing an abundance of capacity for the reinsurance segment.

Victor Peignet, CEO, SCOR Global P&C, comments: “SCOR starts 2019 with strong January renewals, after having successfully renewed its capital shield back in fall 2018. Clients want to increase the business they conduct with SCOR; they value our client-focused strategy, strong ratings, and technical expertise. We expect favorable market conditions to be more pronounced through the spring/summer 2019 renewals.”