French insurer Scor reports first profit since 2000

24th March 2005, Comments 0 comments

PARIS, March 24 (AFP) - French reinsurer Scor switched into profit last year with a net figure of EUR 68.7 million (USD 89.3 million) despite an extra provision of EUR 20 million for litigation over the attacks on the World Trade Centre in New York in 2001.

PARIS, March 24 (AFP) - French reinsurer Scor switched into profit last year with a net figure of EUR 68.7 million (USD 89.3 million) despite an extra provision of EUR 20 million for litigation over the attacks on the World Trade Centre in New York in 2001.

This was the first net profit by the company since 2000. In 2001 the company reported a loss of EUR 278 million, in 2002 EUR 455 million and last year of EUR 314 million.

Scor also raised its current operating performance sharply to a profit of EUR 106 million from a loss of EUR 252 million.

Chief executive Denis Kessler said: "Scor returned to profitability in 2004."

This had been achieved despite exceptional events in North America and Asia.

In December a New York court ruled that the attacks against the twin towers of the World Trade Centre on September 11, 2001, were two separate events and not one, and therefore gave rise to two insurance claims.

This concerned mainly insurance company Allianz, reinsured by Scor.

© AFP

Subject: French News

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