SCOR gets green light for new P&C specialty firm
Reinsurer SCOR has received the French supervisory authority's approval for SCOR Europe SE, the new Paris-based P&C specialty insurance company it is creating to ensure business continuity post Brexit.
The license will enable SCOR to operate within the European Economic Area (EEA) with effect from Jan. 1, 2019, and ensure the continuity of services offered to its insured clients in view of Brexit.
Starting next year, SCOR Europe will underwrite all new and renewed business relating to risks located in the EEA that can no longer be accepted by SCOR UK Company after the UK leaves the EU.
The new company will also take over all commitments from policies previously issued by SCOR UK Company if the latter can no longer honour these following Brexit. SCOR UK Company will continue to serve all its clients in the rest of the world.
"The creation of SCOR Europe SE enables us to provide continuity to our clients in light of Brexit. It will also help us to develop the infrastructure of our specialty insurance business, in line with the 'Vision in Action' plan," said Laurent Rousseau, deputy CEO of SCOR Global P&C. "SCOR Europe SE will leverage SCOR's underwriting track record and expertise," Rousseau added.
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