PARIS (Agefi-Dow Jones)–The reinsurance group Scor announced on Friday that it would record an exceptional charge in the first quarter of this year linked to the war in Ukraine and that it would post a loss over the same period.
“Scor expects to record in the first quarter of 2022 a high double digit charge in millions of euros for potential claims related to the conflict for reinsurance treaties and for specialty insurance”, announced the group in a press release. “As the conflict continues, this estimate will evolve,” the company added.
Scor explained that the cost of this conflict was added in the first quarter to a series of natural disasters, such as floods in Australia or a drought in Brazil, as well as the continuation of the pandemic in the United States.
“These developments will have an adverse impact on the combined ratio of SCOR P&C as well as on the technical margin of SCOR L&H, and should result in a quarterly loss”, continued the company.
Scor nevertheless indicated that its solvency ratio at the end of March would be at a “significantly higher” level than the ratio of 226% at the end of December 2021.
The reinsurance group will publish its first quarter results on May 6.
Scor also specified that its subsidiary Scor PO in Russia had stopped underwriting new business.
-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: DID
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April 15, 2022 10:41 ET (14:41 GMT)