Scor Global Life, a subsidiary of France-based insurance group Scor, has opened a new subsidiary in Australia covering the Australian and New Zealand markets.
The opening of the new subsidiary follows recent approvals received from the Australian Prudential Regulation Authority as well as from New Zealand to conduct reinsurance business in the region.
The Australian subsidiary will be headed by Craig Ford and it will be part of Scor’s Singapore Hub, which acts as the headquarters of the Asia-Pacific region with network offices in Beijing, Hong Kong, Kuala Lumpur, Labuan, Mumbai, Seoul, Taipei and Tokyo.
Ford has more than 25 years of experience in the financial services and insurance industries, and he will supported by a local team of actuarial, product development, underwriting and claims experts.
The group said with annual life insurance premiums approaching EUR7bn and historical and forecast annual growth averaging 10%, the Australian and New Zealand markets offer attractive profitable growth opportunities. Current annual life reinsurance premiums total EUR1.75bn on these two markets.
Scor Global Life CEO Gilles Meyer said that this initiative was announced as part of the group’s strategic plan for 2010-2013, ‘Strong Momentum’, and is a key milestone in terms of generating profitable growth in these major markets.
Scor is already active on the Australian P&C reinsurance market, where its P&C office has been operating since 1976.