SCOR January 2026 P&C Reinsurance Renewals: Selective growth in a competitive pricing environment

Core Insights - The P&C reinsurance market remains competitive, with SCOR achieving a targeted growth of 4.7% in traditional reinsurance and a significant 80.5% growth in Alternative Solutions during the January 2026 renewals [2][4]. Market Overview - Demand for reinsurance coverage is high, but competition has intensified due to strong profits and increased capital supply, leading to price reductions in most lines, particularly non-proportional placements [3][4]. - The P&C reinsurance book renewed on January 1, 2026, totaled EUR 4,493 million, reflecting a 4.7% increase compared to January 2024, with P&C Lines growing by 7.4% and Specialty Lines by 0.3% [3][4]. Company Performance - SCOR's net underwriting ratio is expected to increase by 2.0 percentage points, supported by retrocession buying [2][4]. - The growth in P&C Lines is attributed to a flight-to-quality trend, particularly in APAC and North America, and strong relationships with core clients [4]. - The company maintains disciplined underwriting practices, which contribute to active portfolio steering and margin protection in Specialty Lines [4]. Future Outlook - SCOR is prepared for continued competition in the reinsurance market and will pursue its Forward 2026 diversified growth strategy in a disciplined manner [5].