SCOR group, a provider of treaty and facultative reinsurance, has received final approval to start operating a property and casualty branch in China.
The endorsement of SCOR’s request to set up a nationwide non-life reinsurance operation by the China Insurance Regulatory Commission will enable SCOR to further accentuate its strong commitment to this fast-growing insurance market. The SCOR Beijing branch will be headed by general manager Min Wu.
Denis Kessler, chairman and CEO of SCOR, said: SCOR has been present in China for over 35 years. With today’s green light to start a fully operational Chinese branch office, SCOR is now in a position to further benefit from the high growth rate of the Chinese reinsurance market.
The official branch office status will allow our dedicated team of local experts, supported by the resources of the entire group, to reinforce the group’s reinsurance business activities and provide both SCOR and the Chinese market with a higher level of mutually beneficial opportunities.