BELEAGUERED SCOR CONFIRMS 314M EURO LOSS

French reinsurer SCOR has reported 2003 group net losses of 314m euro, after boosting its reserves for years prior to 2001 and taking a 192m euro hit from the complete write-down of SCOR US tax credits. The loss marked an improvement on its year-earlier shortfall of 455m euro. Gross premiums for the year totalled 3.69bn euro, down 26% on 2002, though the group was able to confirm the profitability of its underwriting years 2002 and 2003, which registered a net combined ratio of 96% on non-life property and large corporate accounts. Speaking at the release of the year-end figures, chairman Denis Kessler said that the group was “implementing its recovery plan with vigour and determination”. He insisted that, “with its solvency restored, adequate reserve levels, and a conservative asset management policy”, the group offered its customers “a much enhanced level of security”.