Scor Continues Shifting To Its Global Lines

In this year's January renewals Scor has continued to write less natural catastrophe claims and continued with its shift to global lines. Over recent years Scor has reported poor results as a result of its growth in the natural catastrophe business and so, we welcome the double-digit reduction in maximum losses for potential large events. In this year’s renewals the reinsurer reported double-digit growth for global lines and this consists of speciality risks. This mainly concerns engineering and inherent defects insurance. We like this. We maintain our EUR 26.90 fair value estimate and no moat rating.