Channel Syndicate agrees RITC transaction 2017 and prior
The Channel Syndicate, part of reinsurer SCOR’s specialty insurance platform, has agreed a reinsurance to close for its 2017 and prior years of account, subject to regulatory approval.
Stuart McMurdo, CEO of SCOR Specialty Insurance EMEA said: “The creation of SCOR’s specialty insurance platform last year brought together key insurance business platforms, creating synergies and focusing on a client-centric approach with flexible matching of risk and capital.
“Our specialty underwriters are able to provide a targeted product range, backed by flexible reinsurance and insurance licenses. As part of this evolution, SCOR Specialty Insurance identified key areas of development, including cyber, political and credit risk, environmental impairment liability, fine art and profitable areas of growth in property.
“SCOR Specialty Insurance will be adding to its targeted specialty programmes, building on existing technology and analytics to assist our portfolios in achieving sustained profitable growth. This transaction brokered by Guy Carpenter enables us to deploy our capital efficiently into value-creating segments of both existing and new targeted specialty lines, ensuring our continued support of the Channel Syndicate, as a key part of SCOR Specialty Insurance.”
The Channel Syndicate is a principally direct, specialty insurance business that underwrites property and specialty classes including cyber, fine art, environmental impairment liability and political and credit risks. It also has an innovation team, which is responsible for Channel’s wider innovation initiatives, exploring new classes and opportunities outside Channel’s traditional portfolio. Channel is supported by SCOR (the world’s fifth largest reinsurer, rated AA- by the leading international rating agencies) who provide 100 percent of the capital to the Channel Syndicate, which is managed by The Channel Managing Agency.
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