05Feb08

Press release

P&C

SCOR launches Property & Casualty branch in China

The SCOR group was informed today that it 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 (CIRC) will enable SCOR to further accentuate its strong commitment to this fast-growing insurance market. The SCOR SE Beijing Branch will be headed by General Manager Ms Min Wu.

The SCOR group was informed today that it 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 (CIRC) will enable SCOR to further accentuate its strong commitment to this fast-growing insurance market. The SCOR SE Beijing Branch will be headed by General Manager Ms Min Wu.
 
Denis Kessler, Chairman and CEO of SCOR, comments: "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.” 
 
The SCOR group opened a representative office in Beijing in 2000 and obtained the CIRC’s approval to apply for the establishment of a non-life reinsurance branch in October 2006.  SCOR’s local presence has enabled it to maintain close contacts with the Chinese market, establishing treaty and facultative business relationships with a growing number of domestic insurance and reinsurance companies.
 
Through its wide range of training programs, SCOR has traditionally also taken a very active role in the development of local insurance and reinsurance expertise and awareness. Since its creation in 2000, the Beijing office has organized more than 20 technical seminars and workshops.
 
Bearing witness to its established position in the region, SCOR was named “General Reinsurer of the Year in Asia” at the 2007 Asia Insurance Industry Awards, organized by the Asia Insurance Review and The Review.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com