SCOR January 2026 P&C Reinsurance Renewals: Selective growth in a competitive pricing environment
MWN-AI** Summary
SCOR reported a selective growth in its Property & Casualty (P&C) reinsurance business during the January 2026 renewals, amid a competitive pricing landscape. The company's Estimated Gross Premium Income (EGPI) for traditional reinsurance increased by 4.7%, while Alternative Solutions saw a significant jump of 80.5%. This growth, primarily driven by strong performances in Asia-Pacific and North America, indicates SCOR's strategic focus on profitable opportunities while adhering to robust underwriting practices.
Key highlights from the renewals include a 7.4% increase in EGPI for P&C Lines, supported by a flight-to-quality mentality and retention of core clients. Specialty Lines showed marginal growth of 0.3%, reflecting disciplined underwriting in a market characterized by price pressures. Jean-Paul Conoscente, SCOR's CEO of P&C, expressed satisfaction with the renewal outcomes, which balanced growth with profitability amidst an increasingly competitive environment.
Demand for reinsurance coverage remains high, with competition intensifying due to capital influx and favorable profitability conditions over the past years. While pricing generally declined, particularly for non-proportional placements, the reinsurance market maintained a disciplined approach regarding terms and structures.
In summary, SCOR's P&C reinsurance book is largely renewed as of January 1, 2026, with approximately two-thirds of its P&C premiums represented in this cycle. The company's diversified portfolio and strategic retrocession buying contribute to a favorable underwriting ratio increase of about 2.0 percentage points. Looking ahead, SCOR remains poised to pursue its Forward 2026 growth strategy in an adaptive yet disciplined manner.
MWN-AI** Analysis
In the context of the January 2026 P&C reinsurance renewals, SCOR has effectively navigated a competitive pricing landscape, demonstrating a robust appreciation for selective growth. This approach has manifested in an estimated gross premium income (EGPI) growth of 4.7% for traditional reinsurance, complemented by an extraordinary 80.5% growth in alternative solutions. Such performance highlights SCOR's ability to capitalize on high-margin opportunities while adhering to stringent underwriting discipline.
Despite facing downward pricing pressures, particularly on non-proportional placements, SCOR has shown resilience by leveraging its Tier 1 franchise to maintain structured underwriting terms. The firm's strategic emphasis on reinforcing its portfolio through core clients and targeted markets, specifically in APAC and North America, underpins its present success. Additionally, the increase of 2.0 percentage points in the net underwriting ratio signals a solid foundation for future profitability.
Investors should acknowledge the continued momentum in SCOR's alternative solutions segment. This area not only reflects a proactive response to changing market dynamics but also provides ample avenues for future capital relief transactions – an attractive feature given increasing risk awareness among businesses. The significance of such transactions should not be underestimated as they bolster operational efficiency and enhance SCOR's competitive positioning.
Looking forward, the reinsurance landscape remains challenging but filled with opportunities. SCOR’s strategic alignment with disciplined growth practices and its willingness to adapt to market realities positions it favorably for sustained growth. As you consider portfolio allocation, keeping an eye on SCOR's performance could prove beneficial, especially under its Forward 2026 strategy. This approach is likely to enhance returns as SCOR capitalizes on its strengths and navigates the evolving reinsurance market with vigilance. Investors are advised to monitor competing trends and structural shifts that could further influence SCOR’s growth trajectory.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Press release
4 February 2026 - N° 03
January 2026 P&C Reinsurance Renewals
Selective growth in a competitive pricing environment
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Jean-Paul Conoscente, CEO of P&C at SCOR, comments: “In a more competitive environment, we are satisfied with the outcome of the 1.1 renewals, which combine growth with an adequate level of profitability. SCOR achieved targeted growth of 4.7% for its traditional reinsurance, leveraging its franchise to grow with core clients under broadly stable terms and conditions, including attachment points. The increase in the net underwriting ratio is estimated at 2.0 percentage points, supported by our retrocession buying. I also want to highlight the continued momentum in Alternative Solutions, where we delivered another strong renewal season driven mostly by our core appetite for capital relief transactions. Looking ahead, we believe SCOR can continue to play on its strengths to capture profitable opportunities.”
January 2026 P&C Reinsurance Renewals
Demand for reinsurance coverage remains elevated. Competition has intensified in the P&C reinsurance market following strong profits and an increase in capital supply. This has driven prices down in most lines, especially on non-proportional placements. Nevertheless, the reinsurance market remained disciplined on structures and Terms and Conditions.
P&C Reinsurance book renewed at 1 January 2026(1):
| Premiums renewed (in EUR million) | Evolution vs. January 2024 | Main lines concerned | |
| P&C Lines(2) | 2,848 | +7.4% | o/w Nat Cat (+12.5%) |
| Specialty Lines(3) | 1,645 | +0.3% | |
| Total traditional RI | 4,493 | +4.7% | |
| Alternative Solutions | 1,185 | +80.5% |
- Approximately 2/3 of the P&C Reinsurance book is renewed in January – this represents c.50% of SCOR’s total P&C premiums.
- P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).
- Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.
For the remaining renewals in 2026, SCOR is prepared for a continued competitive market and will carry on with its Forward 2026 diversified growth strategy in a disciplined way.
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| SCOR, a leading global reinsurer As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 35+ offices worldwide. For more information, visit: www.scor.com | Media Relations Alexandre Garcia media@scor.com Investor Relations Thomas Fossard InvestorRelations@scor.com Follow us on LinkedIn |
| All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com. |
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General
Figures presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.
This press release does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.
Forward-looking statements
This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.
These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.
It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.
No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.
In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.
Accordingly, all assessments, assumptions and figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.
Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org, and the 2025 Half Year Report published on July 31, 2025 available on SCOR’s website www.scor.com.
In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.
SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.
Financial information
All figures in this press release are unaudited.
Unless otherwise specified, all figures are presented in Euros.
Any figures for a period subsequent to September 30, 2025 should not be taken as a forecast of the expected financials for these periods.
All figures are at constant exchange rates as of December 31, 2025 unless otherwise specified.
All figures are based on available information as of January 27, 2026 unless otherwise specified.
1 Estimated Gross Premium Income (EGPI).
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FAQ**
How does SCOR SE SZCRF plan to sustain its growth in a competitive pricing environment while maintaining strong underwriting discipline, particularly given the 2.0 percentage point increase in its underwriting ratio?
What specific factors contributed to the 80.5% growth in Alternative Solutions for SCOR SE SZCRF during the January 20renewals, and how does this align with their overall diversified growth strategy?
With demand for reinsurance coverage remaining high yet competitive pricing driving prices down, how does SCOR SE SZCRF differentiate itself to seize profitable opportunities in this market?
In light of the elevated competition and evolving market conditions, what are SCOR SE SZCRF's key strategies for the remaining renewals in 2026 to maintain profitability and market share?
**MWN-AI FAQ is based on asking OpenAI questions about Scor SE (OTC: SZCRF).
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