SCOR and Brexit in 4 key points:

If you are a client of SCOR UK with an in-force insurance policy and/or an open claim related to EEA risks:

 

  • SCOR guarantees that your existing rights and benefits vis-à-vis SCOR will not be altered
  • Your points of contact will remain the same, please continue to deal with them
  • We will continue to manage your claims after Brexit in the same professional manner; for any specific questions please liaise with your usual claims contact
  • Our address and contact details remain the same.

 

For more information please read below and for any other questions, please contact: brexit@scor.com.

 

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The anticipated withdrawal of the United Kingdom (UK) from the European Union (EU), known as Brexit, presents challenges for the following reasons:

 

  • There is a material risk that, following Brexit, SCOR UK will no longer be permitted to insure EEA  Risks, to respond to and pay claims in respect of EEA Risks, or to otherwise service EEA Risks,
  • The date for and the terms of Brexit (including any Transition Agreement or interim arrangements) remain fundamentally uncertain, despite the UK’s Article 50 Notice (providing notice of its intent to leave the EU) expiring at 23:00 (GMT) on March 29, 2019.

 

Two fundamental objectives underpin SCOR’s planning and response to Brexit:

 

  1. To ensure that all insurance obligations incurred by SCOR UK (and any other SCOR entity) are fully satisfied and that there is continuity of insurance coverage and contract service following Brexit,
  2. To be responsive to the needs and requirements of clients and business partners resulting from Brexit.

To this effect, and as already announced by SCOR (click here), SCOR Europe SE, a 100%-owned subsidiary of SCOR SE, will underwrite from January 1st, 2019, all new and renewed business relating to risks located in the EEA that can no longer be accepted by SCOR UK Company Ltd. after the Brexit date. SCOR Europe SE will also take over all commitments from policies previously issued by SCOR UK Company Ltd. if the latter can no longer honor these following Brexit.

 

For any insurance contracts in force at the time of Brexit (or the expiry of any relevant transition agreement) or under which an obligation on the part of SCOR UK has arisen, or arises, such as a claim, that SCOR UK will no longer be permitted to service, SCOR intends to seek an agreement with the impacted clients, pursuant to which the contract (or the obligations under the contract that SCOR UK is no longer permitted to service) will be transferred to SCOR Europe SE on terms that do not adversely impact the rights and benefits of clients vis-à-vis SCOR.

 

SCOR will continue to review and discuss in detail, with its regulators, clients and business partners, the best way to ensure continuity of protection and service under SCOR UK insurance contracts following Brexit.

 

For any questions, please contact: brexit@scor.com.