SCOR sees opportunities to grow in US cat at 1/1: Jean-Paul Conoscente

Jean-Paul Conoscente, Chief Executive Officer of SCOR P&C, said the French reinsurer views the US catastrophe market as attractive, with opportunities to grow given the current level of price adequacy.

During SCOR’s Q3 2025 results call, Conoscente emphasised that the company does not regret its decision to increase its risk appetite in US cat. He added that prices are expected to come down at the January renewals and that the market will be competitive.

“You have to remember the price adequacy of US cat is currently very high. You can see, despite the wildfires at the beginning of the year and the tornado activity throughout the year, the profitability of that portfolio remains extremely good, and our position is very much underweight in that market, compared, for example, to Europe or to Asia. So, we think there’s opportunities for us to grow,” Conoscente said.

He noted that renewal discussions are currently focused primarily on price.

Conoscente continued, “Terms and Conditions are remaining stable. Attachment points are remaining stable. So again, it’s just a question of price.

“Given the level of price adequacy, where we stand, I think we still view that market as attractive and producing very good returns,” he concluded.

The comments came as , including a net income of €217 million, reversing the loss for the same period last year, as the property and casualty combined ratio strengthened by 7.5 percentage points to 80.9%.