French Reinsurer Scor has recorded a 2.6% increase in gross written premiums for 2002, totalling around $9.1 billion. More interesting is the retention rate, which reveals just how uncertain clients are about switching horses in these turbulent times. The group’s retention rate was up by 89% compared to 84% in 2001.

Premium income remained steady reflecting Scor’s cautious approach to underwriting, large increases in rates and negative foreign-exchange impact.

The results are good news and complement the company’s “Back on Track” program that will see Scor continue to focus on business in Europe and Asia, rather than the US, as well as move back towards short-tail lines rather than liability classes.