PARIS (Reuters) – French reinsurer Scor plunges on the stock market on Monday, the American hurricane monitoring agency (NHS) having upgraded Hurricane Milton to Category 4, which is expected to hit Florida in the coming hours.
Scor shares lost 4.64% on Monday around 2:58 p.m. GMT, showing one of the biggest drops in the SBF 120, which for its part gained 0.45%.
The American hurricane monitoring agency on Monday upgraded Hurricane Milton to Category 4 on the Saffir-Simpson scale (up to 5), which is expected to hit Florida in the next 36 hours.
This new storm arrives a few days after Hurricane Helene which swept across the southeast of the United States and already caused at least five billion dollars in insured losses according to AM Best analysts.
Berenberg analysts recently switched to buying Scor, citing a return to dividend growth in 2025 thanks in particular to a less severe hurricane season than anticipated, allowing the French reinsurer to build up property and casualty reinsurance reserves (buffer). .
Contacted, Scor does not comment.
Listed American insurers are also suffering from fears linked to further damage caused by Hurricane Milton, the S&P 1500 Insurance Index sector index fell by 1.8%, its worst performance in two months.
(Written by Bertrand De Meyer)
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