SCOR launches Brazilian operations
SCOR has begun operating as a local reinsurer in Brazil through the creation of SCOR Brasil Re.
Based in Rio de Janeiro, and with a branch in Sao Paolo, the reinsurer has begun life and property and casualty (P&C) operations in Brazil with a capitalisation of R$100 million ($44.5 million).
SCOR said its strategy, on the P&C side, was to continue developing the specialty lines, leveraging the group's global expertise through the local reinsurance licence to become one of the top three specialty reinsurers in Brazil. On the life side, SCOR aims to become a leading provider of reinsurance and value added solutions for its clients.
The reinsurer received the licence to operate as a local reinsurer, granted by the Brazilian insurance authority SUSEP, on August 26, 2014.
Denis Kessler, chairman & chief executive officer of SCOR, said: "I am very happy with our new status as a Local Reinsurer in Brazil, as it will enable us to participate fully in this very dynamic market, service a wider range of clients and cover more risks. SCOR is committed to the region over the long term, supporting insurers' existing needs as well as providing underwriting expertise for new opportunities. In line with the "Optimal Dynamics" strategic plan, being a local Reinsurer in Brazil allows SCOR to further expand its emerging markets franchise."