01Sep14

Press release

Group

SCOR starts operating as a Local Reinsurer in Brazil through its new local entity SCOR Brasil Re

SCOR announces the creation of a local entity in Brazil, SCOR Brasil Resseguros SA (SCOR Brasil Re), following the licence to operate as a Local Reinsurer granted by the Brazilian insurance authority SUSEP on 26 August 2014.

SCOR announces the creation of a local entity in Brazil, SCOR Brasil Resseguros SA (SCOR Brasil Re), following the licence to operate as a Local Reinsurer granted by the Brazilian insurance authority SUSEP on 26 August 2014. 
 
Following this major step, SCOR Brasil Re begins Life and P&C operations in Brazil with a capitalization of BRL 100 million. The new local entity is based in Rio de Janeiro and has a branch in Sao Paolo. 
 
Current reinsurance regulations in Brazil heavily favour Local Reinsurers, giving them privileged access to ceded business. Therefore, SCOR’s new Brazilian entity will play a key role in terms of offering the best business opportunities to our Brazilian clients on both the P&C and Life sides. 
 
On the P&C side, the strategy is to continue developing the Specialty Lines, leveraging the Group’s global expertise through the Local Reinsurance licence to become one of the top 3 Specialty reinsurers in Brazil. On the Life side, SCOR aims to become a leading provider of reinsurance and value added solutions for its clients.
 
 
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “I am very happy with our new status as a Local Reinsurer in Brazil, as it will enable us to participate fully in this very dynamic market, service a wider range of clients and cover more risks. SCOR is committed to the region over the long term, supporting insurers’ existing needs as well as providing underwriting expertise for new opportunities. In line with the “Optimal Dynamics” strategic plan, being a Local Reinsurer in Brazil allows SCOR to further expand its emerging markets franchise.

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