On Tuesday, Berenberg renewed its buy recommendation on Scor shares, still with a price target of 35 euros.

In a note published this morning, the analyst anticipates the announcement of "solid" renewals for the property-casualty reinsurance business at the publication scheduled for February 6.

As for the 2023 annual results, due on March 6, the intermediary says it expects lower-than-expected natural catastrophe losses to be offset by increased reserve accumulation.

Berenberg forecasts a combined ratio of 87% for the fourth quarter and 87.8% for the full year 2023, exceeding the annual target of 87% by 0.8 points.

From the professional's point of view, Scor's share price remains the best market in the reinsurance sector, with a PER 2025 of 5.3x, making it one of his "top picks" in the sector.

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