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SCOR trims non-cat US property premiums, keeps US P&C cat flat
In its second-quarter 2026 results, the reinsurer reported EUR 171 million net income, down 24% year over year, while net income decline was paired with a combined ratio of 79.5% in the quarter.
Global reinsurer SCOR said it tightened underwriting discipline at the mid-year reinsurance renewals in 2026, growing in more diversified areas of the market, particularly its Alternative Solutions business, even as it cut premiums written in non-cat US property lines. SCOR reported that it decreased premiums in non-cat US property, while keeping property catastrophe business in the US flat, and it characterized the renewals environment as competitive. The company also said it had premium volume growth at renewals so far in 2026, with volumes up 3.2% to EUR 6.455 billion across specialty and P&C lines. For the quarter, SCOR posted EUR 171 million of net income, down 24% from the prior year, while insurance revenues were down only 5% to EUR 3.624 billion for the period. Property and casualty insurance revenues declined 2% for the quarter and 2.3% for the half-year, to EUR 1.796 billion in Q2 and EUR 3.608 billion for the first half. SCOR attributed part of its performance to a relatively benign natural catastrophe loss experience. It reported a P&C combined ratio of 79.5% for Q2 2026, compared with 82.5% a year earlier, and said its solvency ratio was 220% at quarter-end, with capital generation in line with its FY 2026 guidance, as it looked to deliver Forward 2026.