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AM Best has downgraded the outlook for SCOR SE (SCRYY) to negative from stable while affirming its Financial Strength Rating of A+ and Long-Term Issuer Credit Ratings of “aa-”. This change reflects pressures on SCOR's operating performance due to significant losses totaling EUR 239 million in the first half of 2022. The company is actively implementing remedial actions to enhance underwriting performance. However, if improvements are not seen soon, further downgrades may occur. SCOR retains a strong balance sheet and excellent market position as a top five global reinsurer.
Everspan Insurance Company announces a partnership with Branch Financial to underwrite insurance policies in eleven new states. Rated A- (Excellent) by AM Best, Everspan aims to leverage Branch's innovative technology to simplify the insurance purchasing process. Since its launch in 2019, Branch has helped members save an average of $548 annually and has expanded rapidly. This collaboration is positioned to enhance customer service and drive growth for both companies.
Nextbase Dash Cams and Branch have formed a groundbreaking dash cam-insurance alliance in the U.S., providing mutual benefits for customers. Branch offers Nextbase users an additional 8% discount on auto insurance—potentially offsetting the cost of a new dash cam within the first year. Conversely, Nextbase provides a 10% discount on dash cam purchases for Branch members. This partnership aims to promote road safety while enhancing insurance affordability by leveraging dash cam technology, which has seen success in the UK and Europe.
AM Best has reaffirmed SCOR SE's Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings of 'aa-' (Superior), with a stable outlook. The ratings reflect SCOR's very strong balance sheet and strong operating performance, supported by risk-adjusted capitalisation exceeding the strongest assessment. In 2020, SCOR reported a net profit of EUR 234 million, while H1 2021 saw a significant rise to EUR 380 million, aided by a retrocession agreement with Covéa. The company is well-diversified and positioned to benefit from improved reinsurance market conditions.
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