SCOR reported a 26% decline in its gross written premiums for 2003 when compared with the figures for 2002. It said GWP reached €3.691bn for the year.
SCOR said its premium income was significantly hit by currency fluctuations, the reorientation of its underwriting policy in the US and the cessation of business by its Bermuda-based subsidiary Commercial Risk Partners.
Group chairman and chief executive officer, Denis Kessler, said the group's policy of risk selection and business reorientation during 2003 had entailed not underwriting certain contracts and cancelling some treaties in order to boost underwriting profitability."
