Scor

French reinsurer returned to profitability in 2004 but unfavourable ratings affected renewals and new business acquisition

Scor

France's largest reinsurer Scor bounced back into the black last year, posting net income of €69mn (US$94mn) compared with a loss of €314mn for 2003. Scor's return to profitability came after three years of negative results, which were largely due to increased reserving on US business written before 2001 and losses on the group's credit derivatives portfolio and at its Bermuda-based alternative risk transfer subsidiary Commercial Risk Partners (CRP).