French insurer SCOR said its January renewals had taken place in a very difficult context, with the company's capital increase and developments on the group's rating in certain markets.
It said the renewals period had seen most of the ceding companies and clients with long-standing relationships with SCOR remain with the group.
SCOR said the structure of its non-life portfolio had evolved in line with previously stated objectives, which it said emphasised selective underwriting and technical profitability.
SCOR group chairman and chief executive officer, Denis Kessler, said: "Achieved under very difficult conditions for the company, the 2004 renewals campaign showed that the vast majority of our clients remained with the group.
"Our renewals, admittedly with a reduced volume, adhere to strict profitability and quality criteria. Combined with the emphasis on cost reduction, these renewals contribute to putting together the conditions for a sustainable return to profitability for the group."
