The new Paris platform will be a branch of the group's parent company, Scor SE
France-based reinsurer Scor has implemented a management platform in Paris, thus completing the restructuring of its worldwide activities centered on six hubs in Paris, Zurich, Cologne, London, New York and Singapore.
The group has said that it has achieved its organizational objective of being a truly multinational company with local, regional and global responsibilities, both on the level of Scor Global P&C, Scor Global Life and Scor Global Investments and on a group level. The group’s six platforms henceforth constitute the frame of Scor’s international network.
The new Paris platform will be a branch of the group’s parent company, Scor SE. It will unite the support functions of the two societa europae domiciled in France, namely Scor Global P&C and Scor Global Life, along with those of their European branches. The underwriting functions of Scor Global Life and Scor Global P&C based in Paris will remain unchanged in terms of their local dimensions, as well as their regional and global responsibilities.
Frederic Fougere is the designated CEO of the Paris hub. He will be assisted by Alain Modicom as hub CFO, Hubert Estibal as hub human resources manager, Vincent Malige as hub general counsel and legal manager, and Marc Philippe as hub chief information officer. Jean Laffitte is in charge of general services in Paris.
Scor SE, will be responsible for all functions falling under group responsibility. Some of these activities will be conducted from Paris and others will be conducted from other hubs.
Functions located in Paris include, the group’s executive committee; and central group functions relating to accounts consolidation and to relationships with the French market authorities along with group treasury and group tax. All of these functions report to the group CFO Paolo de Martin.
The functions also include, risk management, along with actuarial and retrocession activities. These functions are conducted at group level under the responsibility of the group chief risk officer Jean-Luc Besson; and group economic and strategic analysis, led by the group’s chief economist Philippe Trainar.
Denis Kessler, group chairman and CEO at Scor, said: Within this new, truly global structure, which shares the same information system throughout the entire group, Paris is a major operating platform, as are the five other hubs. The group functions have now been separated from the operational activity of Scor Global Life and Scor Global P&C and are located throughout the six hubs. This organizational structure should contribute to the performance of the group by facilitating greater flexibility and productivity.