Scor prunes ART after Commercial Risk losses

French reinsurance group SCOR is to cut back significantly on ART business after announcing it faces a net loss of €100mn this year from its Bermudian subsidiary Commercial Risk Partners. Scor announced it expects to suffer a net loss of about €250mn overall this year, with problems at Commercial Risk just one of the woes it is currently facing. The stockmarket reacted drastically to Scor’s announcement and the share price fell heavily. Chairman & chief executive Jacques Blondeau departed, to be replaced by Denis Kessler, most recently chairman of the trade association Fédération Française des Sociétés d’Assurances and formerly with Axa.