SCOR splits Global P&C into three units
SCOR Global P&C will be organised around three business units plus transverse functions, which will all cooperate for clients’ benefit, according to a corporate presentation.
The reinsurance unit will include global lines of business such as agriculture, aviation & space, credit & surety among others, along with property, liability and auto in the Americas, APAC and EMEA regions.
P&C Partners will offer alternative solutions and technical development services, retrocession, outwards reinsurance and third-party capital as well as underwriting management in specialty re/insurance. The unit will also include P&C ventures and strategic partnerships.
P&C Partners will be a global technical and expertise centre for business development, the presentation notes. The unit will develop customized, non-traditional, and new products/solutions. It will be in charge of insurtech investments, tech partnerships and expertise sharing. The unit will be responsible for retrocession and outward reinsurance design and management as well as international retrocession and reinsurance pricing. Furthermore, P&C Partners will be in charge of risk appetite articulation and underwriting guidelines development and risk assessment.
Finally, the specialty insurance unit will house SCOR Business Solutions, Channel Syndicate and managing general agents (MGAs) including operations and systems in form of an integrated platform that will unlock value by optimally placing insurance risks on SCOR balance sheets, the presentation says. The platform will enable the underwriting of risks of insurers or captives, large corporates, mid-sized corporates, small corporates and niche personal lines through brokers and intermediaries. The underwriting operations will comprise single risk underwriting of around €1 billion in gross written premium and portfolio underwriting through MGAs of around €0.5 billion in gross written premium. The risks will be placed at SCOR’s existing legal entities such as SCOR Asia Pac, SCOR Re (US) SCOR Europe or Channel Syndicate.
In addition to the three units, the new operational structure includes transverse functions such as claims, finance & planning, legal, pricing & modelling, reserving, capital modelling, risk management, strategy, business development and marketing.
The new structure has been presented at today’s (Sept. 5) SCOR investors day 2018.
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