SCOR enters US medical reinsurance market
SCOR Global Life, the international life and health subsidiary of French reinsurer SCOR, has entered the US medical reinsurance market, offering a portfolio of customised solutions to manage medical risk and complex claims.
SCOR’s medical reinsurance operation is based in Minneapolis. It is supported by the actuarial, underwriting and medical director resources in Leawood, Kansas and Charlotte, North Carolina. The business is underwritten by General Security National Insurance Company (GSNIC).
The company’s initial product lines include reinsurance coverage for Health Medical Organisations (HMOs) and insurance companies. As it obtains necessary regulatory approvals, SCOR will offer provider excess and employer stop loss insurance, according to a statement.
"We are a market leader in US life reinsurance and an established player in the group life market here,” said Paolo De Martin, CEO of SCOR Global Life. "The adjacent medical market offers a substantial opportunity to expand our US footprint."
"This is a large market with significant demand for risk management solutions and expertise,” he said. “We made a comprehensive study of its potential and we believe we can effectively and successfully support the needs of existing and emerging market participants."
The company stated that it has assembled a team of senior executives from within to manage the new unit. Kelly Munger was the first executive hire, it added.
"When we made the strategic decision to enter the market, we knew we needed an A-team of health care and risk management experts to develop a business plan, build out a first-rate organisation and make an immediate impact in the medical excess market," said JC Brueckner, CEO of SCOR Global Life in the Americas.
“[Munger] leads our Group Reinsurance business unit and has done a superb job assembling a team of experienced professionals who understand the changes occurring in the market and who will work with brokers to develop customized solutions for their clients."
Munger commented: "The medical market is complex and evolving. SCOR may be a new player but everyone on the team has worked in the health care industry for many years and their expertise allows them to navigate the changes that are occurring. We have a strong sense of purpose and are intently focused on high performance and client satisfaction."
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