French reinsurer Scor has posted a worse-than-expected full-year loss, although it insisted its recovery plan was still on track.
The reinsurer reported a deficit of €455m (£314m) for 2002, more than the €400m (£276m) it forecast in November.
The group said the loss was due to reserving and goodwill write-downs at its Bermuda subsidiary, Commercial Risk Partners.
However the group's combined ratio improved to 118.3%, down from 123.85% a year earlier.
Chief executive Dennis Kessler said: "[We] ought to be in a position to start profiting in 2003 both from improving prices in the reinsurance market and from the results of recovery measures already implemented."
