Scor: Berenberg raises its target price

(CercleFinance.com) - On Friday, Berenberg maintained its Buy recommendation on Scor shares while raising its target price from 24 to 26.
9 euros, seeing the stock as an "attractive investment" at current levels.

In particular, the analyst praises the strength of the reinsurance group's balance sheet, following the success this week of its $500 million "RT1" bond issue.

This operation, he explains, will enable it to post a solvency ratio of 211%, at the top end of the 185% to 220% range that the reinsurance group has set itself as a target.

In view of its robust positioning in Central and Eastern Europe, Berenberg also believes that Scor is well on the way to achieving its objective of increasing gross written premiums by at least 10% by 2025.

Finally, Berenberg is reassured by the fact that both Milliman (L&H Re) and Willis Towers Watson (P&C Re) have rated the company's reserves as 'adequate'.

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