SCOR merges global life and P&C businesses into SCOR SE
SCOR has merged its Global Life SE and Global P&C SE businesses into SCOR SE as part of a three year strategic plan.
The changes, originally unveiled in September 2016 under the ‘Vision in Action’ plan, are intended to optimize the insurer’s operational and legal structure and level of regulatory capital. SCOR said this will create additional value for its shareholders, customers and partners.
The new structure is effective from today (1 April 2019) and all assets, rights, obligations and liabilities of the merged businesses have been transferred. The company said the transfer has no impact on current contractual obligations and SCOR SE is automatically be substituted for the pre-existing businesses without modifying any of the terms and conditions of the transferred contracts.
It said its financial rating and ability to pursue its life and P&C reinsurance activities “remain unchanged”.
The insurer reiterated that the solvency capital benefit of this merger on the eligible own funds is approximately €200 million.
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