Chinese Insurance Regulator licences Scor to expand Operations

Posted on Apr 15, 2010 by Sergio Ulloa (G+)  | Tags: Reinsurance, Scor RE

Scor SE, has been granted a composite reinsurance license by the China Insurance Regulatory Commission (CIRC) that will allow the company to add life and health insurance services to their current non-life business. The CIRC approved Scor SE to engage in non-life insurance business in October 2006, although the company actually started underwriting in China in 2008. In January 2010 their Beijing branch saw an additional capital injection of US$15 million (EUR 11 million), with the approval of the CIRC as well. With the rapid expansion of the life and health insurance business in China, the extended license granted by the CIRC better positions Scor SE to benefit from the strong growth in demand for reinsurance. Clients in China will benefit from tapping into the expertise of Scor SE in the areas of innovation, capital management and risk selection. With a presence of over 35 years in China, Scor SE will continue expanding its operations, aided by the additional license granted by the CIRC. Insurance Company mentioned: Scor SE SCOR is now a multinational Group, born from the merger between the SCOR Group, with its strong presence in France and the United States, Revios, which was based in Cologne, and Converium, whose headquarters were in Zurich. The new SCOR group had to take this polycentric situation into consideration in terms of its organisational structure, in order to align this with the diverse cultural practices attached to the three former companies. The Group also had to factor in the details of its 2007 statutory reorganisation around three Societas Europeae in paris, as well as the fact that SCOR Global Investments, the Group's third operating company, was created at the beginning of 2009 and is also adopting Societas Europaea status. SCOR therefore decided to structure its entities around six life and non-life management platforms or Hubs, attached to which are the subsidiaries and branches of the geographic area in question.