French reinsurer Scor says property and casualty gross written premium (GWP) grew 12.8% in the first quarter.

The result pushed overall GWP up 2% to €3.98 million ($6.34 million).

Strong January renewals and growth in the US portfolio pushed up property and casualty premium, Scor says.

But the combined operating ratio deteriorated to 94.6 from 91.8% in the corresponding period of last year.

Scor has added the construction of coal-fired power plants to its underwriting exclusion list, regardless of technology used and quality of coal.

In 2015 the group excluded business investments that generate more than 50% of revenue from coal. That threshold has since been lowered to 30%.

“Protecting people and property from disasters and encouraging sustainability, especially in this context of intensifying climate risk and extreme weather events, are an integral part of Scor’s mission,” Chairman and CEO Denis Kessler said.