Scor's '02 Loss Larger Than Expected
NU Online News Service, April 1, 3:48 p.m. EST?French reinsurance giant Scor reported a wider-than-expected loss for 2002 as it increased reserves by more than U.S. $55 million to cover unprofitable policies it had underwritten in the late 1990s.
The Paris-headquartered reinsurer reported a full-year loss of 455 million euros ($494.6 million), which is bigger than the 278-million-euro loss ($302.2 million) from its previous year as well as the company's earlier loss estimate announced last November.
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