SCOR LOSS FOR 2002 EXCEEDS FORECAST, CUTS COMBINED RATIO

France-based reinsurer Scor has posted a loss for 2002 of 455m euro, 55m euro more than it had forecast last November and up from 278m euro in 2001. Its combined ratio was cut from 123.85% to 118.3%. The share price dropped 5% in early trading today on the news. The company announced on March 28 that it had signed a letter of intent to sell its Commercial Risk Partners division, which had proved a drain on resources. Reprovisions relating to the unit came to 51m euro, Scor said. Chief executive Denis Kessler said that “the group suffered the consequences of a strong drop in financial markets”, but predicted that in 2003 the group would show the benefits of a harder reinsurance market and prior restructuring efforts.