Scor Global P&C achieved gross written premium of €2.8 billion ($4.13 billion) at the January 1 renewals, up 2.4% on last year.

The French reinsurer says it contained pricing cuts to 0.7% across the renewed portfolio thanks to “the quality of [our] franchise and the active management of portfolios”.

Scor also limited deterioration in the gross underwriting ratio to 0.2 percentage points.

It says it “successfully resisted the broader loosening of terms and conditions, particularly certain contract clauses, thanks to a technical and consistent underwriting approach”.

Improved outward retrocession conditions that give Scor broader and more efficient protection helped it achieve a net combined operating ratio of 94%.

Scor says it pursued selective client-focused growth in the US, expanded activity on the Lloyd’s market through its Channel 2015 syndicate and strengthened its presence in emerging markets, with growth of 10% on property and casualty (P&C) treaties in Asia.

It expects to achieve gross premium income of €5.3 billion ($7.81 billion) this year.

Premiums up for renewal at January 1 represented 70% of the total annual volume of treaty premiums, and were split between P&C treaties (72%) and specialty treaties (28%).

CEO Victor Peignet says the renewal rate comes amid “an environment that is increasingly competitive on the supply side and increasingly restricted by budgets on the demand side”.