SCOR merges global life and P&C businesses into SCOR SE
SCOR has merged its Global Life SE and Global P&C SE businesses into SCOR SE as part of a three year strategic plan.
The changes, originally unveiled in September 2016 under the ‘Vision in Action’ plan, are intended to optimize the insurer’s operational and legal structure and level of regulatory capital. SCOR said this will create additional value for its shareholders, customers and partners.
The new structure is effective from today (1 April 2019) and all assets, rights, obligations and liabilities of the merged businesses have been transferred. The company said the transfer has no impact on current contractual obligations and SCOR SE is automatically be substituted for the pre-existing businesses without modifying any of the terms and conditions of the transferred contracts.
It said its financial rating and ability to pursue its life and P&C reinsurance activities “remain unchanged”.
The insurer reiterated that the solvency capital benefit of this merger on the eligible own funds is approximately €200 million.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news ArgoGlobal hires head of operations, EMEA, from MS Amlin
Nexus’ newly formed broking arm makes first acquisition
Beazley hire will be ‘instrumental in growing footprint in Germany’
Ratings agency warns of no-deal Brexit impact for UK life insurers
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze