SCOR announced the formation of SCOR Europe SE, a Paris-based P/C specialty insurance company, to ensure the continuity of services after Brexit.
With effect from Jan. 1, 2019, SCOR Europe SE, a fully owned subsidiary of SE, will underwrite all new and renewed business for risks located in the European Economic Area (EEA), which can no longer be accepted by SCOR UK Co. Ltd. after the Brexit date, the company said in a statement.
SCOR Europe SE will also take over all commitments from policies previously issued by SCOR UK Co. Ltd., if the UK company can no longer honor these following Brexit, the terms of which remain uncertain at this stage, SCOR added.
Alongside the creation of this new company within the EEA, SCOR UK Co. Ltd. will continue to serve all its clients in the rest of the world as before, SCOR said.
The new unit was licensed by the French supervisory authority, Autorité de Contrôle Prudentiel et de Résolution (ACPR), which enables SCOR Europe SE to begin writing business within the EEA on Jan. 1.
Laurent Rousseau, deputy CEO of SCOR Global P&C, commented: “The creation of SCOR Europe SE enables us to provide continuity to our clients in light of Brexit. It will also help us to develop the infrastructure of our specialty insurance business, in line with the “Vision in Action” plan. SCOR Europe SE will leverage SCOR’s underwriting track record and expertise.”
Source: SCOR
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