French reinsurance company SCOR has established SCOR Europe, its new Paris-based P&C specialty insurance company, which has been approved by the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
This license enables SCOR Europe SE to operate within the European Economic Area (EEA) with effect from January 1, 2019. As announced on September 6, 2017, this enables the Group to ensure the continuity of the services offered to its insured clients in view of Brexit.
With effect from January 1, 2019, SCOR Europe SE, a 100%-owned subsidiary of SCOR SE, will underwrite all new and renewed business relating to risks located in the EEA that can no longer be accepted by SCOR UK Company Ltd. after the Brexit date.
SCOR Europe SE will also take over all commitments from policies previously issued by SCOR UK Company Ltd. if the latter can no longer honor these following Brexit, the terms of which remain uncertain at this stage.
SCOR Europe SE benefits from the SCOR group’s financial strength, which is recognized by the rating agencies. S&P in particular has assigned SCOR Europe SE an AA- rating.
Alongside the creation of this new company within the EEA, SCOR UK Company Ltd. will continue to serve all its clients in the rest of the world as before.
SCOR Global P&C deputy CEO Laurent Rousseau said: “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.
“SCOR Europe SE will leverage SCOR’s underwriting track record and expertise”.
Source: Company Press Release