French Reinsurer Scor suffered an 18% decline in gross written premiums in the first half of 2003 to EUR 2.1 billion.
French Reinsurer Scor suffered an 18% decline in gross written premiums (GWP) in the first half of 2003 to €2.1bn (£1.48bn).
Reporting its latest financial results, the property and casualty specialist said the fall in GWP was due in part to the depreciation of the dollar, although GWP was still down 11% at constant exchange rates.
Excluding its Bermudian subsidiary, Commercial Risk Partners, which ceased writing business in January 2003, Scor's group premium income was down 9%.
Scor's non-life reinsurance premiums stood at
€1.2bn (£840m) for the first half of the year,
A Scor statement said: "These premium income developments are the direct result of Scor's rigorous and selective underwriting policies, centred on risk controls, as laid down in the Back on Track Plan launched in November 2002."
